Panchkula: Haryana State Vigilance & Anti-Corruption Bureau arrested Kotak Mahindra Bank Deputy Vice President Pushpender Singh—6th accused in ₹150 crore Municipal Corporation fraud—after voluntary surrender Wednesday.
Fake Accounts With Forged IAS Signatures
Singh and ex-MC Senior Accounts Officer Vikas Kaushik opened fraudulent MC accounts (2015073031, 2046279112) affixing forged seals/signatures of IAS Sumedha Kataria, DMC Deepak Sura. Fabricated RTGS/NEFT notes transferred legitimate funds.
MC’s 16 FDs (maturity ₹158 Cr) at Kotak Sector 11 branch discrepancy exposed February 2026. 11 FDs (₹59.58 Cr) matured Feb 16; mismatched statements triggered probe.
Funds routed to Rajat Dahra (₹70 Cr received), Swati Tomar et al before builder loans generating illicit profits. Kaushik signed debit notes; Singh executed transfers to personal accounts.
July 2025/Feb 2026 MC FD queries met with forged statements/FD advice notes coordinated by RM Dilip Singh Raghav per Kaushik instructions. Mutual blame during interrogation.
FCRF Launches Premier CISO Certification Amid Rising Demand for Cybersecurity Leadership
Court Grants Kaushik 2-Day Custody
SV&ACB sought face-to-face questioning: “These two hatched entire conspiracy embezzling government funds.” Panchkula court approved additional police custody Wednesday.
MC maintained ₹145.03 Cr principal (₹158.02 Cr maturity). Bank statements conflicted with MC records exposing systematic siphoning through duplicate accounts.
Dilip Raghav contacted Kaushik on FD status; fabricated documents dispatched MC. Banking insider nexus enabled prolonged concealment.
Builder Beneficiary Chain
Dahra’s ₹70 Cr receipt heads diversion trail. Loan disguise generated returns masking public fund embezzlement through construction financing. Primary conspirators finger each other on forgery execution. Custodial confrontation critical establishing operational hierarchy, document trail ownership.
Sixth arrest caps initial phase. Asset attachment, beneficiary tracing, forensic accounting phases accelerate recovery prospects.
Municipal Finance Governance Crisis
MC Panchkula represents systemic vulnerability: outsourced accounting, weak internal controls, banking collusion enable crores-scale diversions.
Feb 16 cluster maturity triggered routine reconciliation revealing parallel fraudulent ecosystem operating undetected years.
About the author – Ayesha Aayat is a law student and contributor covering cybercrime, online frauds, and digital safety concerns. Her writing aims to raise awareness about evolving cyber threats and legal responses.
