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Panchkula Kotak Mahindra bank fraud: Key accused sent to 7-day police remand
The case, being probed by the State Vigilance and Anti-Corruption Bureau (ACB), Haryana, stems from serious discrepancies flagged in ₹145-crore fixed deposits (FDs) maintained by MC with Kotak Mahindra Bank, Sector 11, Panchkula
A local court on Friday granted seven-day police remand of Rajat Dahra, accused of embezzling ₹70 crore of Panchkula Municipal Corporation (MC) funds.
The case, being probed by the State Vigilance and Anti-Corruption Bureau (ACB), Haryana, stems from serious discrepancies flagged in ₹145-crore fixed deposits (FDs) maintained by MC with Kotak Mahindra Bank, Sector 11, Panchkula.
After lodging an FIR under the Prevention of Corruption Act and provisions of the Bharatiya Nyaya Sanhita on March 25, the ACB had arrested the bank’s relationship manager Dilip Raghav the same day and Rajat Dahra the next day.
Raghav also remains under four-day ACB remand since Thursday. He is suspected to have acted as a co-conspirator, facilitating unauthorised transactions.
As per the investigation, Panchkula MC maintained 16 fixed deposits worth ₹145.03 crore, with a maturity value of over ₹158.02 crore, at Kotak Mahindra Bank. However, verification revealed glaring inconsistencies between the corporation’s records and bank statements.
Out of these, 11 FDs worth ₹59.57 crore matured on February 16, 2026, but the funds were not reflected accurately. A bank statement dated March 16 showed a balance of only ₹2.17 crore, against an expected ₹50.07 crore. Another communication from the bank pegged the balance at ₹12.85 crore as of March 18, with no active term deposits, raising serious concerns.
During reconciliation, investigators found two additional bank accounts linked to Panchkula MC that were not part of official records. These undisclosed accounts, along with inconsistent bank data, intensified suspicion of financial manipulation and collusion.
Preliminary analysis of bank accounts revealed that Rajat Dahra emerged as a key beneficiary, allegedly receiving over ₹70 crore in his personal accounts through unauthorised transfers in connivance with other accused.
Seeking his remand on Friday, the ABC informed the court that the case involved a complex, multi-layered conspiracy requiring detailed custodial interrogation. The investigation is focused on tracing the complete money trail and beneficiaries, uncovering the modus operandi of fund diversion, establishing the nexus between bank officials, public servants and private individuals, and identifying and freezing accounts linked to the fraud.
The bureau aims to recover documents, digital evidence and assets acquired through proceeds of crime, and detecting similar frauds potentially carried out using the same network.
The case was referred to the ACB by the Haryana government following directions from the finance department. Panchkula MC has also constituted a committee to reconcile and verify all FDs and bank accounts.
