₹150 Crore Panchkula Civic Scam: Kotak Bank Files Complaint as Probe Intensifies

A major financial scam has been unearthed in the Panchkula region, where a scam worth 150 crores related to the municipal account has been unearthed and is under investigation. Kotak Mahindra Bank has filed a police complaint related to the same.

The accounts related to the Municipal Corporation, Panchkula, were held at the Kotak Mahindra branch located at Sector 11. After the discrepancies were detected, the bank had started the reconciliation of fixed deposits. 

In its statement, Kotak Mahindra Bank maintained that all account opening procedures, KYC norms, and authorised transactions were carried out as per due process. It added that a significant portion of the funds under review has already been reconciled, with further verification ongoing.

However, the matter is already being probed by the State Vigilance and Anti-Corruption Bureau Haryana, which was directed by Chief Secretary Anurag Rastogi to register a case and conduct a detailed investigation.

Sources indicate that since the vigilance bureau is actively handling the case, the police may not proceed separately on the bank’s complaint. This is the second major banking-related fraud being examined in the state, following the ₹590 crore scam involving IDFC First Bank and AU Small Finance Bank.

Officials say the Haryana government has stepped up scrutiny of financial transactions involving public institutions, particularly after back-to-back cases raised concerns over oversight and accountability.

Kotak Mahindra Bank has stated that it is working closely and fully cooperating with the authorities, including the municipal corporation, to ensure a transparent and comprehensive investigation.

The investigation is expected to look at the flow of funds and authorizations, and any possible shortcomings in the monitoring systems.