Haryana ACB Nabs Former Municipal Corporation Officer in Massive Rs 145 Crore Fraud Case
In a significant crackdown on corruption, the Haryana Vigilance and Anti-Corruption Bureau (ACB) on Thursday arrested former senior accounts officer of the Panchkula municipal corporation, Vikas Kaushik, in connection with an alleged Rs 145-crore fraud involving fixed deposits of the civic body parked with Kotak Mahindra Bank.
Key Accused Bank Manager on the Run as Investigation Intensifies
Another primary accused in this elaborate financial scam, Pushpendra, a manager at Kotak Mahindra Bank's Sector 11 branch in Panchkula, is currently absconding. The ACB has launched comprehensive efforts to trace and apprehend him, with teams working round the clock to follow multiple leads.
Modus Operandi: Forged Accounts and Systematic Fund Diversion
According to detailed findings from the investigating agency, Kaushik, who was posted as a section officer with the municipal corporation at the time, allegedly colluded with Pushpendra to open two fraudulent bank accounts in the name of the Municipal Corporation, Panchkula. The first account was opened in May 2020, followed by another in June 2022.
These accounts were established by forging official seals and signatures of senior civic officials, including:
- Then MC commissioner Sumidha Kataria (IAS)
- Senior accounts officer Sushil Kumar
- Deputy municipal commissioner Deepak Sura
The ACB investigation reveals that Kaushik affixed forged official seals and falsely signed as an authorized signatory on account-opening forms and debit notes. Using fabricated RTGS/NEFT debit instructions, funds belonging to the municipal corporation were illegally transferred from these fake accounts into the personal accounts of Pushpendra.
Sophisticated Money Laundering Through Real Estate Channels
The agency further alleges that the accused prematurely liquidated fixed deposits maintained in the MC's genuine bank accounts. The proceeds from these FDs were systematically siphoned into the fraudulent accounts created in the name of the municipal corporation before being routed to several individuals and ultimately diverted to real estate developers.
Investigators have identified that large sums were transferred to accounts of accused parties including Rajat Dahra and Swati Tomar, among others. Pushpendra and Kaushik then allegedly moved these substantial funds onward to various developers, creating a complex web of financial transactions designed to obscure the money trail.
Fraud Discovery and Elaborate Cover-Up Attempts
The massive fraud came to light when the municipal corporation sought details of its fixed deposits and account balances in July 2025 and February 2026. By that time, all FDs had already been liquidated through the elaborate scheme.
To conceal the fraud, Kaushik allegedly instructed then relationship manager Dalip Raghav to issue false confirmations about the account status and fixed deposit holdings. Fake bank statements and forged FD advice slips were subsequently sent to the MC officials, creating the illusion of normal financial operations while the funds had already been misappropriated.
The ACB continues its investigation into the full scope of this financial scandal, examining banking records, transaction trails, and potential involvement of additional parties in what appears to be one of the most significant municipal corruption cases in recent Haryana history.
