The State Vigilance and Anti-Corruption Bureau (SV&ACB) has arrested Pushpender Singh, Deputy Vice President of Kotak Mahindra Bank, in connection with a ₹150 crore scam involving the diversion of funds from the Municipal Corporation (MC), Panchkula. He surrendered before the agency on Wednesday morning and was later arrested. He is the sixth accused in this major financial fraud case and will be produced in court.
🔴 News Summary
- SV&ACB arrested Kotak Mahindra Bank Deputy Vice President Pushpender Singh in ₹150 crore scam.
- Fake MC Panchkula bank accounts were opened in 2020 and 2022 to divert funds.
- Forgery of official seals and signatures of senior government officers was used.
- Funds were transferred using fake RTGS/NEFT debit notes into personal accounts.
- Money was routed to individuals and builders for profit.
- Rajat Dahra alone received around ₹70 crore.
- Fake bank statements and FD records were created to mislead authorities.
- 16 FDs worth ₹145 crore were involved, with major mismatches in records.
- Accused are blaming each other; police custody extended for investigation.
- Case is ongoing, and more arrests are expected.
How the Fraud Was Carried Out
According to investigators, Pushpender Singh worked with Vikas Kaushik, a former Senior Accounts Officer of MC Panchkula, to carry out the scam. They allegedly opened fake bank accounts in the name of the Municipal Corporation and transferred funds from genuine accounts into these fraudulent accounts. The first fake account was opened in May 2020, and another was opened in June 2022 at Kotak Mahindra Bank. These accounts were used to divert government funds illegally.
Forgery of Signatures and Official Seals
To open these fake accounts, the accused allegedly used forged documents. Vikas Kaushik reportedly used official seals of the Municipal Corporation and forged signatures of senior officials, including IAS officer Sumedha Kataria and Senior Accounts Officer Sushil Kumar.
In the second account, Kaushik allegedly used a fake seal of the Deputy Municipal Commissioner and forged the signature of Deepak Sura. Investigators say that Pushpender Singh was also involved in this forgery process.
Illegal Transfer of Funds
After opening the fake accounts, the accused allegedly created fake RTGS/NEFT debit notes to transfer money. Using these documents, funds from MC Panchkula were transferred into personal accounts linked to Pushpender Singh.
Later, the money was further transferred to accounts of other individuals such as Rajat Dahra, Swati Tomar, and others. The funds were then allegedly routed to builders as loans to earn profits.
₹70 Crore Transferred to One Individual
According to the investigation, Rajat Dahra alone received around ₹70 crore from the diverted funds. This highlights the scale of the scam and how widely the money was distributed.
Fake Bank Statements and FD Fraud
The scam also involved manipulation of Fixed Deposits (FDs). The Municipal Corporation had invested large amounts in FDs with the bank.
When MC Panchkula sought details about its deposits in July 2025 and February 2026, bank official Dilip Singh Raghav allegedly contacted Kaushik. Kaushik then instructed him to coordinate with Pushpender Singh and send false information.
Fake bank statements and FD advice notes were created and sent to the Municipal Corporation, misleading officials about the actual status of funds.
Court Hearing and Investigation Update
During a court hearing, the investigating agency informed the judge that both main accused—Pushpender Singh and Vikas Kaushik—are blaming each other for the forged documents and fake seals.
The agency requested their face-to-face interrogation, and the court granted two more days of police custody for Kaushik.
Officials stated that both accused were the main masterminds behind the scam and had planned the entire conspiracy to embezzle government funds.
Details of Missing FD Funds
As per the FIR, the Municipal Corporation had 16 Fixed Deposits worth ₹145.03 crore, with a maturity value of ₹158.02 crore, in the bank’s Sector 11 branch.
Out of these:
- 11 FDs worth ₹59.58 crore matured in February
- However, the bank records provided did not match the MC’s records
- This mismatch exposed the fraud
This ₹150 crore scam shows how government funds were allegedly misused through fake accounts, forged documents, and illegal fund transfers. The case is still under investigation, and more arrests may follow. The authorities are now working to recover the money and identify all individuals involved in the fraud network.
