Income tax authorities are probing Pushpender Singh, a former deputy vice president at Kotak Mahindra Bank, for allegedly managing a network of benami properties valued at approximately ₹130 crore (roughly $15.6 million USD). This investigation is part of a broader inquiry into a ₹150 crore (roughly $18 million USD) banking fraud linked to the liquidation of fixed deposits of the Panchkula municipal corporation. Pushpender, who joined Kotak Mahindra Bank in 2019 without a banking background, reportedly began accumulating assets, including three luxury cars worth nearly ₹2 crore (roughly $240,000 USD), shortly after his employment. He is accused of leveraging connections with senior officials to orchestrate false FIRs, facilitating property vacating through coercion. The investigation has revealed that he used funds from fraudulent bank transactions and illicit sources to acquire properties in Panchkula, including multiple houses in Sector 2 and Mansa Devi Complex. Additionally, Pushpender allegedly established a shell company to route illicit funds linked to politicians and bureaucrats. Following his surrender to the Haryana anti-corruption bureau on April 8, the Haryana government ordered the de-empanelment of Kotak Mahindra Bank for government business, and the bank has stated it is cooperating with authorities in the investigation.