A major financial irregularity has come to light in Haryana, where the Panchkula Municipal Corporation has found discrepancies of over Rs 150 crore in its fixed deposits with Kotak Mahindra Bank.
The development comes just a month after a Rs 590-crore fraud was reported at the Chandigarh branch of IDFC First Bank.
According to NDTV Profit report, the civic body had invested funds in fixed deposit receipts (FDRs) at the bank’s Sector 11 branch.
However, the issue surfaced when the corporation requested the maturity amount of a Rs 58-crore deposit to be transferred into its account.
While bank records initially showed that the transfer had been completed, the money never reached the corporation.
A closer investigation revealed that the bank statement itself was fake, and the funds had allegedly been diverted into fraudulent accounts.
Officials later found that all the fixed deposits linked to this case were forged and that no actual money was present in the accounts, as per the report.
Reacting to the development, Kotak Mahindra Bank said it is cooperating with authorities and has started a detailed reconciliation of the fixed deposits and related accounts after being approached by the municipal corporation.
Officials said the total discrepancy could be over Rs 150 crore, and further details are expected to emerge as the probe progresses, the report stated.
Meanwhile, last month, another private lender IDFC First Bank had disclosed a Rs 590 crore fraud at its Chandigarh branch.
In an exchange filing on February 22, the private lender said that it will pursue strict disciplinary, civil and criminal action against the employees and other external individuals responsible, in accordance with applicable law.
However, on the same day, the Haryana Government de-empanelled IDFC First Bank and AU Small Finance Bank from handling government business with immediate effect after an alleged fraud of around Rs 590 crore came to light.
IANS