The Haryana Vigilance Bureau on Monday filed a chargesheet against nine individuals in connection with a Rs 150-crore fraud at Kotak Mahindra Bank. The accused include the alleged mastermind Pushpinder Singh, the bank's Deputy Vice President Vikas Kaushik, and an accountant from the Panchkula Municipal Corporation.
Details of the Chargesheet
The chargesheet, submitted to a special court in Panchkula, outlines a complex scheme involving the creation of fraudulent accounts and unauthorized transfers. According to the Vigilance Bureau, the accused colluded to siphon off funds from the bank over a period of several years. The mastermind, Pushpinder Singh, is accused of orchestrating the fraud with the help of bank insiders and municipal officials.
Vikas Kaushik, the Deputy Vice President of Kotak Mahindra Bank, allegedly facilitated the opening of fake accounts and bypassed internal controls. The municipal corporation accountant is accused of misappropriating funds through forged documents and fake invoices.
Impact and Investigation
The fraud came to light during a routine audit, prompting the bank to file a complaint with the Vigilance Bureau. The investigation revealed that the accused had transferred money to multiple shell companies and personal accounts. The bureau has recovered some assets, but the total amount lost remains significant.
According to a senior Vigilance official, the chargesheet includes evidence of money laundering and criminal conspiracy. The accused have been booked under various sections of the Indian Penal Code and the Prevention of Corruption Act.
Reactions and Next Steps
Kotak Mahindra Bank issued a statement confirming its cooperation with the investigation and stating that it has strengthened its internal controls. The bank also said it is committed to recovering the lost funds. The accused are currently in judicial custody, and the court is expected to take cognizance of the chargesheet soon.
