Panchkula, Aug. 7 -- The former deputy vice president of Kotak Mahindra Bank, Pushpinder Singh, bought several luxury cars after siphoning off crores of rupees from the Panchkula Municipal Corporation, the Enforcement Directorate (ED) stated in its chargesheet against nine accused under the Prevention of Money Laundering Act (PMLA) in a local court.

The action stems from the multi-crore Kotak Mahindra Bank fraud case, in which the ED is probing the laundering of Rs.107.24 crore allegedly siphoned off from the Panchkula MC through unauthorised bank accounts. The agency has attached assets worth Rs.131.13 crore, claiming to have secured 100% of the embezzled civic funds within four months of the FIR registration.

According to the ED, the ...