The Enforcement Directorate (ED) has arrested Pushpinder Singh, a former deputy vice president of Kotak Mahindra Bank, in connection with a ₹145 crore fraud involving the Panchkula municipal corporation. The arrest, made on June 1, follows allegations that Singh was the mastermind behind a conspiracy to siphon off government funds. The case originated from an FIR filed by the Anti-Corruption Bureau (ACB) of Panchkula, which accused unidentified bank officials of embezzling municipal funds through a well-organized criminal scheme. The ED's investigation has uncovered a network of collusion among municipal officials, bank employees, and private individuals. Singh, along with Dileep Kumar Raghav, a former customer relationship manager at Kotak Mahindra Bank, and Vikas Kaushik, a former senior accounts officer of the Municipal Corporation of Panchkula, allegedly opened two bank accounts using forged documents. Funds from the municipal corporation were illicitly transferred to these unauthorized accounts using fake migration authorization letters, according to the ED.