A significant financial discrepancy has been discovered in Haryana, where the Panchkula Municipal Corporation detected inconsistencies of over Rs 150 crore in its fixed deposits with Kotak Mahindra Bank. This revelation follows a recent Rs 590-crore fraud case at the Chandigarh branch of IDFC First Bank. The civic body had invested in fixed deposit receipts at the bank’s Sector 11 branch, but issues arose when it sought to transfer the maturity amount of a Rs 58-crore deposit into its account.
A discrepancy emerged as the bank records indicated the transfer was completed, yet the funds never reached the corporation. Upon investigation, it was found that the bank statement was falsified, and the money was allegedly diverted to fraudulent accounts. All fixed deposits associated with this incident were reportedly forged, with no actual funds in the accounts. Kotak Mahindra Bank stated it is collaborating with authorities and conducting a thorough reconciliation of the fixed deposits and related accounts.
Authorities estimate the total discrepancy could exceed Rs 150 crore, with more details anticipated as the inquiry progresses. In a separate incident last month, IDFC First Bank disclosed a Rs 590 crore fraud at its Chandigarh branch. The bank pledged to take strict disciplinary and legal actions against responsible employees and external individuals. Following the fraud revelation, the Haryana Government promptly removed IDFC First Bank and AU Small Finance Bank from managing government business.
