Panchkula, March 28 -- A local court on Friday granted seven-day police remand of Rajat Dahra, accused of embezzling Rs.70 crore of Panchkula Municipal Corporation (MC) funds. The case, being probed by the State Vigilance and Anti-Corruption Bureau (ACB), Haryana, stems from serious discrepancies flagged in Rs.145-crore fixed deposits (FDs) maintained by MC with Kotak Mahindra Bank, Sector 11, Panchkula. After lodging an FIR under the Prevention of Corruption Act and provisions of the Bharatiya Nyaya Sanhita on March 25, the ACB had arrested the bank's relationship manager Dilip Raghav the same day and Rajat Dahra the next day. Raghav also remains under four-day ACB remand since Thursday. He is suspected to have acted as a co-conspirator, facilitating unauthorised transactions. As per the investigation, Panchkula MC maintained 16 fixed deposits worth Rs.145.03 crore, with a maturity value of over Rs.158.02 crore, at Kotak Mahindra Bank. However, verification revealed glaring inconsistencies between the corporation's records and bank statements. Out of these, 11 FDs worth Rs.59.57 crore matured on February 16, 2026, but the funds were not reflected accurately. A bank statement dated March 16 showed a balance of only Rs.2.17 crore, against an expected Rs.50.07 crore. Another communication from the bank pegged the balance at Rs.12.85 crore as of March 18, with no active term deposits, raising serious concerns. During reconciliation, investigators found two additional bank accounts linked to Panchkula MC that were not part of official records. These undisclosed accounts, along with inconsistent bank data, intensified suspicion of financial manipulation and collusion. Preliminary analysis of bank accounts revealed that Rajat Dahra emerged as a key beneficiary, allegedly receiving over Rs.70 crore in his personal accounts through unauthorised transfers in connivance with other accused. Seeking his remand on Friday, the ABC informed the court that the case involved a complex, multi-layered conspiracy requiring detailed custodial interrogation. The investigation is focused on tracing the complete money trail and beneficiaries, uncovering the modus operandi of fund diversion, establishing the nexus between bank officials, public servants and private individuals, and identifying and freezing accounts linked to the fraud....