₹145-cr Panchkula MC FDR fraud: Another accused nabbed from Rajpura

The case pertains to alleged irregularities in fixed deposit receipts (FDRs) and bank accounts maintained by Panchkula MC at Kotak Mahindra Bank, Sector 11, Panchkula.

The Haryana vigilance and anti-corruption bureau (SV&ACB) has arrested another accused in the ₹145-crore Panchkula municipal corporation FDR fraud case.

During verification, additional bank accounts not recorded in official MC documents also came to light, further deepening suspicion in the case. (HT File)

The case pertains to alleged irregularities in fixed deposit receipts (FDRs) and bank accounts maintained by Panchkula MC at Kotak Mahindra Bank, Sector 11, Panchkula.

The accused has been identified as Kapil, a resident of Rajpura, Punjab, into whose account ₹2.36 crore was allegedly transferred into from the Panchkula MC’s account. Kapil was nabbed from Sirhind. According to officials, he is reportedly known to co-accused Rajat, who is currently in police custody.

Another accused, Vinod, also from Rajpura, Punjab, had died on August 17, 2024. His death certificate has been obtained by the investigating agency.

Earlier, the police had arrested the bank’s relationship manager, Dilip Kumar Raghav, who allegedly sent false reports to the Panchkula MC regarding fixed deposits (FDs) in connivance with the key accused, leading to serious discrepancies in records. He was posted at the bank’s Sector 11 branch during the period when the alleged irregularities occurred.

Subsequently, one Rajat Dahra, a private individual, was also arrested. According to ACB officials, Rajat disclosed during interrogation that he had received over ₹60 crore from two bank accounts between 2020 and 2025. He allegedly transferred these funds to multiple other accounts, which are now under investigation.

According to the FIR, 16 fixed deposits worth ₹145 crore, with a maturity value of around ₹158 crore, were held in the MC’s accounts at the bank. Of these, 11 FDs worth ₹59.57 crore matured on February 16, 2026. However, when officials initiated verification, discrepancies emerged in bank statements dated February 22 and March 16, which did not match either each other or the MC records. The balance reflected in March was ₹2.17 crore, significantly lower than the expected ₹50.07 crore. The bank later reported a balance of ₹12.85 crore as of March 18, while also stating that no active term deposits existed.

During verification, additional bank accounts not recorded in official MC documents also came to light, further deepening suspicion in the case.