Panchkula (Haryana) witnessed significant legal action on March 27, 2026, when authorities apprehended a relationship manager from Kotak Mahindra Bank along with another accused, linked to alleged financial irregularities involving fixed deposits of the Panchkula Municipal Corporation. This development follows an FIR registered by the State Vigilance & Anti-Corruption Bureau on March 24, 2026, after discrepancies were unearthed in fixed deposit receipts (FDRs) and associated bank accounts maintained by the civic body at the bank’s Sector-11 branch in Panchkula.

Details of the Arrests and Investigation Findings

The relationship manager arrested is Dileep Kumar Raghav, who was in his position during the time under scrutiny. Investigating officials have reported that the Municipal Corporation of Panchkula had placed 16 fixed deposits amounting to over Rs 145 crore, with an estimated maturity value nearing Rs 158 crore. However, discrepancies emerged during the probe, revealing significant gaps between the records held by the bank and those maintained by the Municipal Corporation.

Officials observed that the balances in the bank accounts reflected were substantially lower than what was expected, and certain accounts associated with the corporation appeared to be missing from the official records. The preliminary investigation indicates that Dileep Kumar Raghav, in collaboration with other suspects, allegedly provided misleading reports about the fixed deposits to the Municipal Corporation, resulting in severe discrepancies in financial documentation.

Involvement of Additional Accused and Financial Transfers

In a parallel development, Rajat Dahra, son of Bhagwan Das Dahra, was also arrested in connection with this case. During interrogations, he purportedly revealed that he had received over Rs 60 crore from two bank accounts during the period from May 29, 2020, to 2025. Investigators suspect that the funds were subsequently distributed across multiple accounts, which are now under scrutiny.

A case has been filed against unidentified officials and employees of Kotak Mahindra Bank, along with other related individuals, under Sections 13(1)(a) and 13(2) of the Prevention of Corruption Act, 1988, in addition to relevant sections of the Bharatiya Nyaya Sanhita (BNS) 2023. Senior officials at the vigilance bureau have stated that the investigation is broadening, and further arrests may follow as financial trails are being meticulously examined.

Government’s Stance on Corruption

The Haryana government has reiterated its commitment to a zero-tolerance approach towards corruption. Authorities have emphasized that no individual, irrespective of their rank or position, will be exempt from scrutiny if found involved in the misappropriation of public funds.

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