Major action in Kotak Mahindra Bank's 160 crore FD scam, employee arrested

Major action has been taken in the ₹160 crore fixed deposit (FD) scam that surfaced in Haryana. A former bank employee has been arrested in connection with the case. 

Investigating agencies say this case may not be a simple misappropriation but part of a planned fraud. This revelation has raised questions about the security of the banking system and government funds.

How did the scam happen?

According to the investigation, Dilip Kumar Raghav, the bank's former relationship manager, is accused of orchestrating the entire conspiracy with the main accused. 

It is reported that large sums of money deposited by the Municipal Corporation of Panchkula were transferred to fictitious accounts instead of being kept in safe FDs. 

False statements and documents were repeatedly provided to the corporation to reassure them. Everything was presented as accurate on paper, which kept no one suspicious for a long time.

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The scam was exposed when the Municipal Corporation requested a transfer of funds from an FD of ₹58 crore upon maturity. The bank statement showed the funds had been transferred, but when the actual account was checked, the money was missing. 

This is where the matter became serious. When the remaining FDs were investigated, it was discovered that many entries were fraudulent. This made it clear that the system had been manipulated for a long time.

Meanwhile, a Kotak Mahindra Bank spokesperson stated that, based on the investigation so far, all transactions were conducted within banking regulations. 

The bank has filed a formal complaint with the Panchkula police and is cooperating with the investigation. 

The Bureau has registered a case of fraud, criminal breach of trust, forgery, and criminal conspiracy under various sections of the BNS and the Prevention of Corruption Act.