Panchkula, March 25: Kotak Mahindra Bank has formally approached the Haryana Police following the discovery of a Rs 150-crore financial irregularity involving the Municipal Corporation (MC) of Panchkula. The bank stated that the complaint was filed to ensure an independent and comprehensive examination of the accounts maintained at its Sector 11 branch, which are currently the subject of a high-level state investigation.
The development follows a directive from Haryana Chief Secretary Anurag Rastogi, who on March 24 ordered the State Vigilance and Anti-Corruption Bureau (SV&ACB) to register a case and initiate a probe. This marks the second significant banking-related scam addressed by the state recently, trailing a Rs 590-crore fraud case involving IDFC First and AU Small Finance Bank.
In an official statement, Kotak Mahindra Bank affirmed that it initiated a detailed reconciliation of fixed deposits and linked accounts following instructions from the Municipal Corporation. The bank maintained that its internal review of KYC documentation and authorized signatories found all processes to be in order and handled according to strict banking norms.
“A significant portion of the amounts under review has already been reconciled with the Municipal Corporation,” the bank declared, adding that the process is continuing in an orderly manner. While the bank has approached the local police, authorities indicated that the State Vigilance Bureau remains the primary agency handling the investigation into the civic funds.
