3 weeks ago
ED Attaches ₹131 Crore Assets In Kotak Bank Fraud Case
Big people who check money rules in India found that some money from a city office went missing.
The city office is called the Municipal Corporation of Panchkula.
Some people who worked at a bank called Kotak Mahindra Bank made fake accounts using the city's name.
They used fake papers and made the city's real money move into those fake accounts.
Then the money was hidden by moving it to many other people.
Some of the money went to a banker named Pushpinder Singh and his friends and family.
Singh bought very fancy things like a Porsche, BMW cars and a Harley-Davidson motorcycle with the money.
When people found out, he tried to sell the cars and give properties to his sister.
The money police, called the Enforcement Directorate, took back things worth over 131 crore rupees.
Now nine people are in trouble and will have to answer in court.
The Enforcement Directorate attached assets worth Rs 131.13 crore, including bank balances of Rs 12.85 crore and immovable properties valued at Rs 118.28 crore.
The ED filed a prosecution complaint against nine accused in a money-laundering case linked to funds allegedly diverted from the Municipal Corporation of Panchkula.
Pushpinder Singh, then deputy vice-president at Kotak Mahindra Bank, allegedly conspired with municipal official Vikas Kaushik and bank employee Dilip Raghav to open two unauthorised accounts using forged documents.
Diverted funds were allegedly layered through several individuals and entities, with portions routed to personal accounts of Singh and Kaushik and accounts held by their wives; bank official Satish Kumar was also allegedly involved.
Singh allegedly spent money on luxury vehicles, watches, furniture and properties, later selling the vehicles and transferring Panchkula properties to his sister Gunita Sethi to hide ownership.
The ED said assets equal to 100% of the allegedly embezzled municipal funds were attached within four months of FIR registration.
- Who
- The Enforcement Directorate (ED), which filed a complaint against nine accused, including former Kotak Mahindra Bank deputy vice-president Pushpinder Singh, municipal corporation official Vikas Kaushik, bank employee Dilip Raghav and bank official Satish Kumar.
- What
- The attachment of assets worth Rs 131.13 crore and filing of a prosecution complaint in a money-laundering investigation involving funds allegedly diverted from the Municipal Corporation of Panchkula.
- Where
- India — the action was reported from Mumbai, and the FIR was registered in Panchkula, where the alleged fraud against the municipal corporation occurred.
- When
- The asset attachment took place within four months of the registration of the FIR by the Anti-Corruption Bureau in Panchkula.
- Why
- To recover funds allegedly embezzled from the municipal corporation through unauthorised bank accounts opened with forged documents, and to prevent the concealment of the proceeds of crime.
Key facts
- Investigating agency
- Enforcement Directorate (ED)
- Total assets attached
- Rs 131.13 crore
- Bank balances attached
- Rs 12.85 crore
- Immovable properties attached
- Rs 118.28 crore
- Accused in prosecution complaint
- 9
- Bank involved
- Kotak Mahindra Bank
- Affected civic body
- Municipal Corporation of Panchkula
- Laws invoked
- Bharatiya Nyaya Sanhita 2023, Prevention of Corruption Act 1988, Prevention of Money Laundering Act
Sources
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