₹150 Crore FD Discrepancy in Panchkula MC Account: Kotak Mahindra Bank Files Police Complaint
Moneylife Digital Team 25 March 2026
A major financial irregularity involving over ₹150 crore has surfaced in the accounts of the Panchkula Municipal Corporation (MC) maintained with Kotak Mahindra Bank, triggering a police complaint and a vigilance probe, according to media reports.
 
As reported by CNBC-TV18, the discrepancy came to light after the municipal body sought to encash a fixed deposit upon maturity, only to be informed that the funds were not available. Subsequent checks revealed mismatches across multiple fixed deposit receipts (FDRs), with the total amount under scrutiny now estimated at close to ₹150 crore.
 
Kotak Mahindra Bank has since filed a formal complaint with Panchkula police and initiated a detailed reconciliation of the accounts. The matter has also been escalated to the Haryana state vigilance and anti-corruption bureau (ACB) for further investigation.
 
In a statement to CNBC-TV18, the Bank says it had undertaken a comprehensive reconciliation exercise of fixed deposits and linked accounts following instructions from the municipal corporation.
 
The Bank maintained that all account opening procedures, know-your-customer (KYC) documentation, authorised signatories, and transaction processes are in compliance with applicable banking norms.
 
“A significant portion of the amounts under review has already been reconciled… and the process is continuing in an orderly manner,” the Bank says, adding that it is cooperating fully with authorities.
 
According to information emerging from initial inquiries, the irregularity was first detected when an FD of about ₹58 crore, which had reportedly matured, could not be traced in the Bank’s records.
 
Further scrutiny of the accounts revealed similar discrepancies across multiple deposits, leading to a much larger mismatch.
 
Authorities are expected to examine the role of bank officials, internal controls within the municipal corporation, and possible lapses in the verification of fixed deposit records.
 
With public money involved, the case is likely to see heightened scrutiny from both enforcement agencies and state authorities in the coming days.
 
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