Chandigarh, May 12 -- Income tax authorities are examining a network of benami properties allegedly controlled by former Kotak Mahindra Bank deputy vice president, Pushpender Singh, an accused in the Rs.150 crore banking fraud involving the liquidation of fixed deposits of Panchkula municipal corporation. These properties are located in upscale sectors of Panchkula, including multiple houses in Sector 2 and Mansa Devi Complex. Income tax officials estimate the total value of these properties to be approximately Rs.130 crore.

The banking fraud, according to the Haryana anti-corruption bureau (ACB) officials, was perpetrated with alleged use of forged documents and fictitious bank accounts. The ACB had on March 24 registered a first inform...