Panchkula: The Enforcement Directorate (ED) has alleged that a senior Kotak Mahindra Bank official at the centre of a multi-crore financial fraud used funds allegedly siphoned from Municipal Corporation Panchkula accounts to acquire luxury vehicles and real estate assets before the scam surfaced earlier this year.
According to submissions made by the agency before a Special PMLA Court in Panchkula, Pushpinder Singh, who served as Branch Manager and later Deputy Vice-President of Kotak Mahindra Bank, allegedly purchased high-end vehicles, including a BMW 7 Series, Mahindra Thar, Mahindra Scorpio-N and an Indian motorcycle, besides investing in various properties. Investigators claim these assets were disposed of before March 2026, when the alleged fraud came to light.
The case stems from an FIR registered by the Haryana State Vigilance and Anti-Corruption Bureau on March 24, 2026, concerning the alleged misappropriation of nearly ₹150 crore linked to Municipal Corporation Panchkula accounts. Following the FIR, the ED initiated a money laundering investigation under the Prevention of Money Laundering Act (PMLA).
Forged Documents Used to Open Accounts: ED
The agency informed the court that two bank accounts purportedly belonging to Municipal Corporation Panchkula were allegedly opened and operated on the basis of forged documents. Funds from these accounts were subsequently transferred to multiple individuals.
According to the ED, approximately ₹88.17 crore was routed to Rajat Dahra, ₹31.58 crore to Swati Tomar, ₹2.36 crore to Kapil Kumar and ₹1.41 crore to Vinod Kumar.
Investigators allege that several of these accounts were used as conduits for layered financial transactions designed to conceal the source and destination of funds.
Statements of Co-Accused
During questioning, Kapil Kumar reportedly told investigators that Rajat Dahra persuaded him to open a bank account under the pretext of arranging employment and obtained signed cheques from him. Similarly, Swati Tomar allegedly stated that she was encouraged to open multiple bank accounts and later handed over signed cheque books, ATM cards and other banking instruments.
The ED claims Tomar told investigators she had no knowledge of many individuals who received money from accounts linked to her and denied extending loans to any of the accused persons named in the case.
Investigators also allege that SIM cards obtained in her name were later handed over to Dahra and used in the operation of the accounts.
Alleged Money Trail and Asset Purchases
The ED has alleged that Pushpinder Singh directed Rajat Dahra to facilitate accommodation entries and transfer funds through various accounts. According to the agency, WhatsApp communications were allegedly used to instruct the movement of funds.
Dahra is also said to have informed investigators that several vehicles were purchased in his name but remained under the use and control of Pushpinder Singh and his wife, Preeti Thakur. The agency alleges that proceeds from the eventual sale of these vehicles were retained by Singh.
The ED further told the court that Dahra handed over ₹1 crore in cash to Singh in March 2026 and that mobile phones containing potential evidence were allegedly destroyed around the same period.
Municipal Corporation Official’s Statement
The agency also referred to the statement of former Municipal Corporation Panchkula Accounts Officer Vikas Kaushik, who allegedly said that all communications between the civic body and the bank regarding the accounts were routed through Pushpinder Singh and another bank official.
According to the ED, Kaushik stated that Singh remained involved in discussions related to transactions and allegedly offered him financial inducements in connection with the operation of the accounts.
Court Extends ED Custody
The ED has claimed that Singh admitted receiving around ₹33 crore from Rajat Dahra and Swati Tomar between 2020 and 2023, describing the transfers as loans. The agency alleges that these funds were later used for the purchase of luxury vehicles and real estate assets.
Arguing before the Special Court on June 1, Singh’s counsel challenged the legality of the arrest and remand proceedings, contending that statutory requirements under the PMLA had not been met and seeking his release.
After hearing both sides, the court remanded Pushpinder Singh to ED custody until June 9. The agency told the court it requires further interrogation to trace the final beneficiaries and determine the extent of proceeds received by various individuals linked to the alleged scam.
The investigation remains ongoing. No findings of guilt have been established by the court, and the allegations are currently under judicial scrutiny.
