ED Raids 12 Locations in Kotak Mahindra Bank – Panchkula Municipal Fraud Case

CHANDIGARH — The Directorate of Enforcement (ED), Chandigarh Zonal Office, conducted a series of search operations on April 22, 2026, targeting 12 premises in Chandigarh, Panchkula, Zirakpur, Dera Bassi, and Rajpura. The raids, conducted under the Prevention of Money Laundering Act (PMLA), 2002, are part of an intensifying investigation into a multi-crore fraud involving Kotak Mahindra Bank and the Municipal Corporation (MC) of Panchkula. During the operation, officials seized sale-purchase agreements, incriminating documents, and evidence linked to the laundering of public funds.

The probe follows an FIR registered by the Anti-Corruption Bureau (ACB), Panchkula, which uncovered a deep-rooted conspiracy to embezzle approximately ₹145 crore from the civic body’s accounts. According to the ED, the fraud was executed through a criminal nexus between MC officials, Kotak Mahindra Bank staff, and private individuals.

Key figures identified include Pushpinder Singh, Deputy Vice President at Kotak Mahindra Bank, and Dileep Kumar Raghav, the bank's Customer Relationship Manager.

The investigation revealed that the accused allegedly opened two unauthorized bank accounts in the name of the Municipal Corporation using forged seals and fake authorization documents. Funds were systematically moved from the MC’s genuine accounts to these fraudulent ones using forged migration letters and unauthorized email IDs managed by the bank officials. The siphoned money was then routed through various private accounts to beneficiaries including Rajat Dahra, Swati Tomar, and Kapil Kumar, before eventually being funneled back to Pushpinder Singh and his wife, Preeti Thakur.

To prevent early detection, the accused reportedly provided the Municipal Corporation with fabricated Fixed Deposit Receipt (FDR) documents. These forged papers falsely showed an investment of ₹145.03 crore at the Kotak Mahindra Bank branch in Sector-11, Panchkula, with a projected maturity value of ₹158.02 crore. The ED’s recent searches targeted the residential and business premises of those involved, including the bank officials and associated real estate firms. The agency has stated that further investigation is underway to trace the full extent of the money trail.
 

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