Massive FDR Discrepancies Trigger FIR Against Kotak Bank

In a significant development, the Haryana State Vigilance and Anti-Corruption Bureau (SVACB) has filed an FIR against unnamed officials of Kotak Mahindra Bank following alleged discrepancies related to Fixed Deposit Receipts (FDRs) amounting to nearly Rs 150 crore, involving the Panchkula Municipal Corporation.

The FIR, lodged on Tuesday night, cites cheating, conspiracy, and other charges against the bank officials. The case, handed over to the SVACB by the Haryana government, brings to light a substantial mismatch between the municipal corporation's official records and those maintained by the Panchkula branch of Kotak Mahindra Bank.

A spokesperson for Kotak Mahindra Bank stated that a detailed reconciliation exercise confirmed adherence to due process and banking norms. However, discrepancies in the records have led to a probe by the vigilante bureau to assess suspected financial irregularities.