E-Paper
₹150-cr Panchkula MC FDR fraud: Former Kotak Bank manager Pushpender Singh surrenders
When the MC sought details of FDs and account balances in 2025 and 2026, the accused allegedly attempted to conceal the fraud by submitting fake bank statements and forged FD documents
Pushpender Singh, 40, the then branch manager of the Sector-11 branch of Kotak Mahindra Bank, who was later promoted as deputy vice-president (now suspended), surrendered at the state vigilance and anti-corruption bureau (ACB) headquarters in Sector-23 on Wednesday in connection with the alleged ₹150-crore fixed deposit receipts (FDRs) fraud related to the Panchkula municipal corporation (MC). He will be produced before a court on Thursday.
According to the investigation agency, Pushpender, a resident of Sector-2, is the alleged mastermind of the multi-crore fraud. He, along with Vikas Kaushik, the then senior accounts officer of MC, had allegedly opened fake bank accounts in the name of the civic body, prepared fake debit notes (RTGS/NEFT), and prematurely encashed MC fixed deposits (FDs) using fraudulent documents in connivance with bank officials. The funds were routed to fake accounts, agents, relatives, and later transferred to builders.
When the MC sought details of FDs and account balances in 2025 and 2026, the accused allegedly attempted to conceal the fraud by submitting fake bank statements and forged FD documents.
Meanwhile, Kaushik, who was arrested on April 2, was produced in a local court on Wednesday after completion of his five-day police remand. Following the ACB’s submissions, seeking remand extension, the court sent him to two-day police remand. The agency submitted that custodial interrogation of both accused together is essential to ascertain their exact roles, as they have been levelling allegations against each other regarding preparation of counterfeit seals and forged documents. The court also allowed an application filed by the prosecution to obtain Kaushik’s specimen signatures after he raised no objection. Earlier, three persons — bank relationship manager Dilip Kumar Raghav, Rajat Dahra, and Kapil — were arrested. Recently, Swati Tomar, 35, a Chandigarh resident, surrendered before the ACB. As per information, ₹30-35 crore was allegedly transferred into her account.
