Kotak Mahindra Bank Scam: One person has been arrested in connection with the Kotak Mahindra Bank Panchkula FDR scam (fixed deposit receipts).
The arrested man has been identified as Dileep Kumar Raghav, an employee of Kotak Mahindra Bank.
Dileep Kumar Raghav was the relationship manager in Kotak Mahindra Bank at the time of the start of the scam.
Dileep Kumar Raghav was arrested by Haryana's State Vigilance and Anti-Corruption Bureau. This is the first arrest made in connection with the discrepancies in Panchkula Municipal Corporation's fixed deposit receipts of nearly Rs 150 crore at the Kotak Mahindra Bank branch. He was arrested on Wednesday (March 25, 2026).
According to reports, the accused Dileep Kumar Raghav had sent false reports to the Panchkula Municipal Corporation regarding the fixed deposits after conspiring with key accused.
Notably, the scam was unearthed after Panchkula Municipal Corporation claimed a multi-crore mismatch in its official records and the balance or records reflected in Kotak Mahindra Bank's Panchkula branch. The discrepancies detected in the Fixed Deposit Receipts (FDR) were to the tune of Rs 150 crore.
The State Vigilance and Anti-Corruption Bureau (SVACB) then filed an FIR on cheating, conspiracy and other charges against unnamed bank officials and others.
Municipal Commissioner Vinay Kumar has been maintaining 16 fixed deposits amounting to Rs 1,45,03,41,704 (over Rs 145 crore) with a maturity value of Rs 1,58,02,36,420 (over Rs 158 crore) in Kotak Mahindra Bank's Sector 11 Panchkula branch. Out of these, 11 fixed deposits amounting to Rs 59,57,67,709 (over Rs 59 crore) had matured on February 16, 2026.

