Panchkula, April 10 -- Pushpender Singh, 41, the alleged mastermind of the Rs.150-crore Panchkula municipal corporation fixed deposit receipts fraud case, received around Rs.35 crore from the defrauded amount. Using these proceeds of crime, Singh, the now suspended deputy vice-president of Kotak Mahindra Bank, Sector 11, allegedly bought luxury vehicles worth Rs.2.5 crore, probe has revealed. Singh allegedly used part of the pilfered money to purchase three luxury vehicles - a Wrangler Rubicon, a Mercedes GLS and a Harley-Davidson motorcycle - which are stashed away in Delhi and have yet to be recovered. The state vigilance and anti-corruption bureau (ACB) made these submissions in court on Thursday while seeking his seven-day police remand. The ACB said Singh had surrendered before the agency on Wednesday and was formally arrested. A resident of Sector 2, Panchkula, Singh was subsequently interrogated and sufficient evidence was found against him. The bureau informed the court that during questioning, the accused disclosed that he had prepared forged documents and counterfeit stamps using a laptop and printer. These items, along with three mobile phones, have reportedly been concealed in Narkanda, Himachal Pradesh. Investigators will examine bank documents, personal diaries and online transaction details to determine how the defrauded amount was utilised. The agency also stated that details regarding his associates have yet to be ascertained, and the accused needs to be interrogated further to trace funds involved in similar fraudulent activities and prevent misuse of government money. Given the scale of embezzlement, tracing the entire financial trail across multiple accounts and channels is crucial. Each transaction will require detailed verification through sustained questioning of the accused, which will take time. Therefore, the ACB sought a seven-day police remand for proper investigation. Following the submissions, the court allowed five days of remand. Meanwhile, co-accused Vikas Kaushik, a former senior accounts officer of MC, will be produced in court on April 10 after completion of his two-day additional remand. The FIR in the case was registered on March 24 under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Prevention of Corruption Act against unknown bank officials and others. Apart from Singh and Kaushik, police have already arrested the bank's relationship manager, Dilip Kumar Raghav, and Rajat Dahra, Kapil and Swati Tomar. According to the FIR, 16 fixed deposits worth Rs.145 crore, with a maturity value of around Rs.158 crore, were held in Panchkula MC's accounts at Kotak Mahindra bank. Of these, 11 FDs worth Rs.59.57 crore matured on February 16, 2026. However, when officials initiated verification, discrepancies emerged in bank statements dated February 22 and March 16, which matched neither each other nor the MC record. The balance reflected in March was Rs.2.17 crore, significantly lower than the expected Rs.50.07 crore. The bank later reported a balance of Rs.12.85 crore as of March 18, while also stating that no active term deposits existed. During reconciliation, two additional bank accounts that were not reflected in MC's official records were identified. The anomalies prompted the registration of the FIR and a detailed examination of records....