# ED chargesheets nine in Rs 107 crore Kotak Mahindra Bank fraud

2026-08-08T00:53:28+00:00 | Governance | Indian Opinion Desk

Corroboration: 2 independent outlets

The Enforcement Directorate (ED) has filed a chargesheet against nine accused in the Rs 107.24 crore fraud involving Kotak Mahindra Bank and the Panchkula Municipal Corporation. The main accused, former bank deputy vice president Pushpinder Singh, allegedly bought luxury cars including a Porsche Cayenne, four BMWs, a Toyota Land Cruiser, and Harley-Davidson motorcycles with the siphoned money. The ED has attached assets worth Rs 131.13 crore, claiming to have recovered 100% of the embezzled funds within four months. According to the ED, Singh colluded with a corporation official and a bank employee to open unauthorised accounts using forged documents. The money was layered through multiple intermediaries and firms before being routed into personal accounts. The ED also alleges Singh advanced unsecured loans at 3% monthly interest using the stolen funds. The investigation continues.

## Coverage

- hindustantimes.com <https://www.hindustantimes.com/cities/chandigarh-news/key-accused-bought-luxury-cars-ed-chargesheets-nine-suspects-in-107-cr-fraud-involving-kotak-mahindra-bank-101786043549420.html>
- businesstoday.in <https://www.businesstoday.in/industry/banks/story/rs107-crore-panchkula-fraud-ex-kotak-bank-deputy-vp-bought-porsche-bmws-with-siphoned-money-ed-files-chargesheet-547649-2026-08-06?utm_source=rssfeed>

This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources. Last updated 2026-09-27T06:05:48+00:00.

Tags: ED, fraud, Kotak Mahindra Bank, money laundering, Panchkula Municipal Corporation, Pushpinder Singh
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