Enforcement Directorate in Chandigarh has filed a prosecution complaint against nine people in the Kotak Mahindra Bank fraud case.
The investigation found that former Deputy Vice President Pushpinder Singh and others worked with a Panchkula civic official to open fake accounts using forged papers. They diverted Municipal Corporation funds through unauthorized transfers and changed mobile numbers and emails to hide the fraud.
The ED attached assets worth ₹131 crore, including luxury cars such as Porsche, BMWs and Jeeps, covering the full embezzled amount. The agency said the accused used fake authorization letters and parallel communication channels to bypass internal checks.
The case, registered under the Prevention of Money Laundering Act, shows deep collusion between bank officials and civic employees. The ED’s quick action has ensured recovery of all siphoned funds and marks a major success in stopping financial crimes involving public money.
