Chandigarh, April 16 -- In a development that predates his April 8 surrender in connection with the multi-crore misappropriation of Panchkula municipal corporation (MC) funds, Pushpender Singh, the now suspended deputy vice-president of Kotak Mahindra Bank, had come under the income tax department's radar for allegedly facilitating loans worth Rs.70 crore to Chandigarh-based businessman Sunny Garg in a rather "suspicious manner".

The Haryana State Vigilance & Anti-Corruption Bureau (ACB) on March 24 had registered an FIR at Panchkula in connection with the Rs.150- Rs.160 crore MC banking fraud involving the liquidation of the corporation's fixed deposits (FDs) in Kotak Mahindra Bank using forged documents and fictitious accounts. Pushpen...