Haryana Recovers Rs 127 Cr from Kotak Mahindra, Clears All Bank Dues

The Haryana Power Generation Corporation Limited (HPGCL) has also recovered Rs 25 crore from AU Small Finance Bank. The entire outstanding dues from IDFC Bank had already been cleared, according to an official statement from the state government.

With these recoveries, the Haryana Government now has no outstanding dues with any bank, marking a major achievement in public fund management.

According to DIPR, Haryana Chief Minister Nayab Singh Saini had issued strict directives to both officials and the banks, emphasising the importance of the timely recovery of government dues. "Safeguarding public funds is the government's duty," he said.

The Chief Minister also noted that under the guidance of Prime Minister Narendra Modi, the Haryana government will take every necessary step to protect public funds.

This development follows a probe by the State Vigilance & Anti-Corruption Bureau (ACB) into alleged irregularities in Panchkula Municipal Corporation's fixed deposits at Kotak Mahindra Bank.

The ACB registered an FIR on March 24, after uncovering discrepancies in fixed deposit receipts and bank accounts maintained at the bank's Sector-11 branch in Panchkula.

The first arrest in the case is Dileep Kumar Raghav, who was serving as Relationship Manager at the bank during the period under investigation. Vigilance officials said Municipal Corporation Panchkula had deposited 16 fixed deposits worth over Rs. 145 crore, with a maturity value estimated at nearly Rs 158 crore.

During scrutiny, investigators found major discrepancies between records maintained by the bank and those available with the Municipal Corporation. Officials said the account balances reflected by the bank were substantially lower than expected, while some bank accounts linked to the corporation were allegedly not recorded in official civic records.

Preliminary investigation suggests that Dileep Kumar Raghav, in alleged conspiracy with other accused persons, provided misleading and false reports regarding the fixed deposits to the Municipal Corporation, leading to serious mismatches in financial records.

In another significant breakthrough, vigilance teams also arrested Rajat Dahra, son of Bhagwan Das Dahra, in the same case. During questioning, Rajat Dahra allegedly disclosed that he received more than Rs 60 crore from two bank accounts between May 29, 2020, and 2025. Investigators suspect that the amount was subsequently transferred to multiple other accounts, which are now under examination.

A case has been registered against unknown officials and employees of Kotak Mahindra Bank and other concerned persons under Sections 13(1)(a) and 13(2) of the Prevention of Corruption Act, 1988, along with relevant provisions of the Bharatiya Nyaya Sanhita (BNS) 2023.

Senior officials of the vigilance bureau said the investigation is expanding and more arrests are possible as financial trails are being examined.

Haryana follows a zero-tolerance policy against corruption, adding that no individual, regardless of position, will be spared if found involved in the misuse of public funds.

- ANI