Daijiworld Media Network - New Delhi

New Delhi, Mar 25: A major financial discrepancy surfaced involving the Panchkula Municipal Corporation, which has reported irregularities exceeding Rs 150 crore in its fixed deposits with Kotak Mahindra Bank.

The issue came to light when the corporation attempted to withdraw the maturity amount of a Rs 58-crore fixed deposit held at the bank’s Sector 11 branch in Panchkula. Although bank records initially indicated that the funds had been transferred, the amount never reached the civic body’s account.

Subsequent scrutiny revealed that the bank statement itself was allegedly fabricated, and the funds may have been diverted into fraudulent accounts. Officials further discovered that the fixed deposit receipts (FDRs) linked to the case were forged, with no actual funds backing them.

In response, Kotak Mahindra Bank stated that it is cooperating with investigators and has initiated a detailed reconciliation of all related accounts after being alerted by the municipal corporation. Authorities estimate the total discrepancy could exceed Rs 150 crore, with further findings expected as the investigation progresses.

This development follows closely on the heels of another major banking fraud involving IDFC First Bank, which last month reported a Rs 590-crore irregularity at its branch in Chandigarh.

In a regulatory filing on February 22, IDFC First Bank said it would pursue strict disciplinary, civil, and criminal action against those involved. On the same day, the Government of Haryana removed both IDFC First Bank and AU Small Finance Bank from its panel of approved institutions for government transactions following the fraud revelation.

With multiple financial irregularities emerging in a short span, authorities are intensifying scrutiny of banking practices involving public funds in the region.