Ex-Kotak Mahindra Bank Executive Bought Luxury Cars with 'Siphoned' Panchkula Civic Funds: ED
The agency said the accused used fake documents to open unauthorized accounts and divert Rs 107.24 crore, while attaching assets worth Rs 131 crore.
- The Enforcement Directorate filed a chargesheet on July 30 against former Kotak Mahindra Bank deputy vice president Pushpinder Singh and eight others, alleging they defrauded the Panchkula Municipal Corporation of more than ₹100 crore.
- Investigators allege Singh, in connivance with Municipal Corporation official Vikas Kaushik and employee Dilip Raghav, opened 'unauthorised' bank accounts using 'fake' documents to divert genuine corporation funds, bypassing standard bank checks.
- Singh allegedly 'advanced' the defrauded funds as unsecured loans at 36 per cent interest and purchased luxury vehicles, including a Porsche Cayenne and BMW models, with the total loss pegged at ₹107.24 crore.
- Asset seizures totaling ₹131 crore followed, while Singh allegedly 'deliberately' transferred properties to his sister, Gunita Sethi, to conceal ownership through round-tripping of funds after detection.
- An FIR filed by the Haryana Anti-Corruption Bureau initiated the money laundering investigation, citing a 'deep-rooted and well-organised' criminal conspiracy to embezzle public funds from the civic body.
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12 Articles
ED Attaches Assets Worth ₹51.28 Crore 'bank Fraud' Case Involving Deepak Cables and MD K Venkateshwara Rao
Get latest articles and stories on India at LatestLY. The properties were attached under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in the case related to bank fraud, diversion and siphoning of loan funds by Deepak Cable (India) Ltd (DCIL), its Managing Director K Venkateshwara Rao, Director Satyavathy Ball, and their associated entities. India News | ED Attaches Assets Worth ₹51.28 Crore 'bank Fraud' Case Involving D…
Ex-Kotak Bank DVP laundered Panchkula civic funds to buy luxury cars, Harley-Davidson: ED
ED has chargesheeted Pushpinder Singh along with his two colleagues at Kotak Mahindra Bank and an employee of the Panchkula municipal corporation, accusing them of defrauding the Haryana government of more than ₹100 crore
Kotak ex-VP bought luxury cars with siphoned Rs 100cr: ED
A former deputy vice president of Kotak Mahindra Bank, Pushpinder Singh, allegedly siphoned over Rs 100 crore from Panchkula municipal corporation accounts to purchase luxury vehicles like Porsche, BMW, and Harley-Davidson, the Enforcement Directorate (ED) claimed in a chargesheet.
Kotak Mahindra ex-deputy VP used siphoned funds to buy Porsche, BMWs, Jeeps; ED attaches Rs 131 crore assets - The Tribune
The Directorate of Enforcement (ED), Chandigarh, has filed a prosecution complaint against nine accused persons in the Kotak Mahindra Bank fraud case. The agency attached assets worth Rs 131.13 crore in the case. It consists of bank balances of Rs 12.85 crore and immovable properties worth of Rs 118.28 crore.
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