CHANDIGARH: Pushpender Singh, who was serving as deputy vice-president of Kotak Mahindra Bank’s Sector 11 branch in Panchkula at the time of the Rs 147 crore fixed deposit fraud involving the municipal corporation, was remanded in judicial custody on Saturday after completion of his vigilance remand.
Alleged share from embezzled funds
The Vigilance and Anti-Corruption Bureau alleged that Singh received a share of Rs 30 crore to Rs 35 crore from the embezzled amount. Investigators claimed the money was used to purchase luxury assets, including a Wrangler Rubicon vehicle, a Mercedes GLS SUV and a Harley-Davidson motorcycle.
All three vehicles are currently parked in Delhi. Singh, 41, a resident of Sector 2, Panchkula, had earlier surrendered before the anti-corruption bureau.
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Arrest and custody proceedings
He was formally arrested under relevant sections of the Bharatiya Nyaya Sanhita in connection with the case. After his production before the court on Saturday, he was remanded in judicial custody.
The Vigilance Bureau indicated that it will continue probing the role of bank officials and others to establish the full scope of the alleged financial irregularities.
Investigation into money trail continues
The Rs 147 crore fraud relates to fixed deposits of the municipal corporation, which were allegedly misappropriated through fraudulent banking transactions. Vigilance officials said further investigation is underway to trace the money trail and identify other beneficiaries linked to the scam.
The inquiry is continuing into the involvement of bank officials and others as investigators seek to determine the wider extent of the alleged fraud.
