Panchkula: Pushpender Singh, who was serving as deputy vice-president of Kotak Mahindra Bank’s Sector 11 branch in Panchkula at the time of the Rs 147 crore fixed deposit fraud involving the municipal corporation, was remanded in judicial custody on Saturday after completion of his vigilance remand.The Vigilance and Anti-Corruption Bureau (ACB) alleged that Pushpender Singh received a share of Rs 30 to Rs 35 crore from the embezzled amount. Investigators claimed the money was used to purchase luxury assets, including a Wrangler Rubicon vehicle, a Mercedes GLS SUV and a Harley-Davidson motorcycle. All three vehicles are currently parked in Delhi, according to the agency.Singh, 41, a resident of Sector 2, Panchkula, had earlier surrendered before the anti-corruption bureau. He was formally arrested under relevant sections of the Bharatiya Nyaya Sanhita (BNS) in connection with the case.The Rs 147-crore fraud relates to fixed deposits of the municipal corporation, which were allegedly misappropriated through fraudulent banking transactions. Vigilance officials said further investigation is underway to trace the money trail and identify other beneficiaries linked to the scam.After his production before the court on Saturday, Singh was remanded in judicial custody. The Vigilance Bureau has indicated that it will continue probing the role of bank officials and others to establish the full scope of the alleged financial irregularities.
