A major breakthrough has emerged in the investigation into the high-profile Kotak Mahindra Bank–Panchkula Municipal Corporation financial fraud, with investigators uncovering an alleged conspiracy involving the manipulation of official email IDs and mobile numbers linked to municipal bank accounts. According to the chargesheet, the contact details were deliberately altered to conceal fraudulent transactions and prevent authorised officials from receiving account-related alerts.
Investigators have alleged that Pushpender Singh, Deputy Vice President of Kotak Mahindra Bank, Vikas Kaushik, Senior Accounts Officer of the Panchkula Municipal Corporation, and Dilip Raghav, Relationship Manager at the bank, acted in collusion with other accused persons to modify the contact information associated with the municipal body’s bank accounts, effectively diverting transaction notifications away from authorised officials.
According to the investigation, the Municipal Corporation’s authorised bank account was opened on October 27, 2018, using the email address mcpanchkula@gmail.com in the name of the Executive Officer. On May 28, 2020, investigators allege that the first illegal account was opened using the deceptive email address mcpanchkola@gmail.com, where the letter “u” in “Panchkula” was replaced with “o”, creating an address that closely resembled the genuine one. The account was also opened in the name of the Executive Officer before being closed on April 6, 2022.
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The chargesheet further states that a second allegedly illegal account was opened on June 8, 2022, using the same altered email ID. Subsequently, a legitimate account was opened on August 26, 2022, but investigators claim that even this account carried the incorrect email address. According to the probe, these subtle modifications were designed to mislead the banking system while ensuring that legitimate municipal authorities remained unaware of account activities.
Investigators also found that the mobile number linked to the accounts was later replaced with one registered in the name of a Rajpura resident. The chargesheet alleges that the number was arranged by accused Kapil and Dahra, enabling OTPs, banking alerts, and other sensitive communications to be received by individuals under the accused’s control instead of authorised municipal officials.
The chargesheet further alleges that on November 11, 2023, the accused created another email account, mcpanchkula.sao@gmail.com, and submitted a forged letter to Kotak Mahindra Bank seeking modification of the registered email ID. Investigators claim that the email modification form carried the signature of Senior Accounts Officer Vikas Kaushik, while the signature of then Deputy Municipal Commissioner Deepak Sura was allegedly forged.
According to investigators, these alterations prevented the Municipal Corporation from receiving accurate and timely information about transactions in its bank accounts. The chargesheet also alleges that no internet banking facility or effective SMS and email alert system was activated for the accounts, allowing the alleged irregular financial activities to remain undetected for an extended period.
The investigation also found that a landline number recorded against the accounts belonged to the Municipal Corporation but was not assigned to any authorised official. Investigators believe this was done to create the impression that transaction-related information had been communicated to the civic body, even though the responsible officers never actually received such alerts.
A chargesheet has so far been filed against nine accused in the case. Investigators are continuing to examine the extent of the alleged financial irregularities and the role played by each accused in manipulating email IDs, mobile numbers, and banking records. Renowned cybercrime expert and former IPS officer Prof. Triveni Singh said that minor alterations in email addresses, forged documents, and manipulation of contact details have become common tactics in sophisticated financial frauds. According to him, comprehensive digital forensic analysis, scientific examination of documents, and a detailed audit of banking logs are crucial to uncovering the full conspiracy and tracing accountability in such complex economic offences.
