A suspect named Rajat Dahra, son of Bhagwan Das Dahra, has been apprehended by Haryana Police in relation to suspected financial misconduct involving fixed deposit receipts (FDRs) at Kotak Mahindra Bank.
According to police reports, Dahra revealed that he garnered over ₹60 crore from two different accounts between May 29, 2020, and October 1, 2022, with transactions projected to span until 2025, as per ANI.
Investigators claim that the funds were later funneled into numerous other accounts, which are currently being examined as part of the ongoing investigation.
In a related development, the State Vigilance and Anti-Corruption Bureau (SVACB) has made a significant arrest. As reported by PTI, Dileep Kumar Raghav, the former relationship manager at Kotak Mahindra Bank, was arrested on Wednesday due to alleged inconsistencies in the FDRs related to the Panchkula Municipal Corporation.
An official statement released on Thursday indicated that Raghav allegedly colluded with the main accused and submitted false reports to the Panchkula Municipal Corporation concerning the fixed deposits. The SVACB initiated a FIR on Tuesday night, charging unnamed bank personnel and others with cheating, criminal conspiracy, and additional offenses.
This action follows a formal complaint made by Kotak Mahindra Bank to the Panchkula Police after the Panchkula Municipal Corporation identified irregularities in FDRs at the bank’s Panchkula branch.
Municipal Commissioner Vinay Kumar indicated that the discrepancy in FDRs is estimated to be around ₹150 crore. Earlier evaluations by the civic body had also assessed the difference at a similar magnitude.
However, a day prior, a source acquainted with the matter informed CNBC-TV18 that the bank’s internal estimate is notably lower, with an initial evaluation suggesting the gap to be around ₹85 crore. The finalized amount will only be established after a thorough reconciliation process currently in progress.
In a separate statement released on Wednesday, a representative from Kotak Mahindra Bank noted that a comprehensive reconciliation of fixed deposits and associated accounts had been conducted, and based on the records reviewed thus far, “accounts and transactions were managed in strict compliance with due procedures and applicable banking regulations”.
Earlier reports highlighted that the problem arose when the Municipal Corporation directed the bank to release funds upon the maturity of specific fixed deposits. The bank, however, discovered that the funds were unavailable, leading to further investigations that revealed discrepancies across various FDRs.
