Panchkula, April 9 -- Pushpender Singh, 40, the then branch manager of the Sector-11 branch of Kotak Mahindra Bank, who was later promoted as deputy vice-president (now suspended), surrendered at the state vigilance and anti-corruption bureau (ACB) headquarters in Sector-23 on Wednesday in connection with the alleged Rs.150-crore fixed deposit receipts (FDRs) fraud related to the Panchkula municipal corporation (MC). He will be produced before a court on Thursday.

According to the investigation agency, Pushpender, a resident of Sector-2, is the alleged mastermind of the multi-crore fraud. He, along with Vikas Kaushik, the then senior accounts officer of MC, had allegedly opened fake bank accounts in the name of the civic body, prepared f...