A day after the state vigilance and anti-corruption bureau (ACB) registered an FIR over discrepancies in fixed deposits worth ₹145 crore in the Panchkula Municipal Corporation (MC) accounts maintained with Kotak Mahindra Bank, the bureau arrested another accused in connection with the case.
According to ACB officials, the accused, Rajat Dahra, disclosed during questioning that he had received more than ₹60 crore from two bank accounts between 2020 and 2025. Dahra allegedly transferred this money to many other accounts, which were being investigated, the officials added.
Bank manager sent to four-day remand
On Wednesday, police had arrested the bank’s relationship manager, Dilip Kumar Raghav, who allegedly sent false reports to the Panchkula MC regarding the FDs in connivance with the key accused, resulting in serious discrepancies in the records.
Dilip, a native of Kasganj district in Uttar Pradesh and currently residing in Dera Bassi, was produced in court on Thursday and sent to four-day police remand for further questioning.
While the bureau sought seven days of remand, the court granted four days after hearing both sides.
According to investigators, the accused was posted as a relationship manager at the bank’s Sector 11 branch during the period when the alleged discrepancies occurred.
Officials said during the probe, account statements related to the Panchkula MC were obtained and MC officials were also questioned. Several key documents have been taken into police possession. Based on the probe so far, interrogation and documentary evidence, sufficient material was found against the accused, leading to his arrest.
However, the accused had not disclosed complete facts and required sustained interrogation regarding each account maintained by Panchkula MC and the transactions linked to them, the ACB sleuths informed the court.
They further told the court that the roles of other bank officials, MC employees and private individuals were also under scrutiny. The bureau is also examining whether fake seals were prepared or used in the alleged fraud, and is working to identify locations and other persons involved in the conspiracy.
Additionally, the agency has sought recovery of letters, vouchers and other crucial documents from the accused’s residence in Uttar Pradesh.
The FIR in the case was registered under various sections of the Bharatiya Nyaya Sanhita (BNS) and the Prevention of Corruption Act against.
The case pertains to alleged irregularities in FDRs and bank accounts maintained by Panchkula MC at Kotak Mahindra Bank, Sector 11, Panchkula.
According to the FIR, 16 fixed deposits worth ₹145 crore, with a maturity value of around ₹158 crore, were held in the MC accounts at the bank.
Of these, 11 FDs worth ₹59.57 crore matured on February 16, 2026. However, when officials initiated verification, inconsistencies emerged in bank statements dated February 22 and March 16, which matched neither each other nor the MC record.
The balance reflected in March was ₹2.17 crore, significantly lower than the expected ₹50.07 crore. The bank later reported a balance of ₹12.85 crore as of March 18, while also stating that no active term deposits existed.
During verification, additional bank accounts not recorded in official MC documents also came to light, further deepening suspicion.
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