New Delhi, Aug. 6 -- A former Kotak Mahindra Bank executive allegedly diverted more than Rs.107 crore belonging to the Municipal Corporation of Panchkula into unauthorized bank accounts before using the proceeds to acquire luxury cars, watches and real estate, a probe by Enforcement Directorate (ED) has revealed.

The federal anti-money laundering agency said on 5 August that it had attached assets worth Rs.131.13 crore, including bank balances of Rs.12.85 crore and properties valued at Rs.118.28 crore, as part of its probe into the alleged fraud. According to the ED, the attachment comprises the Rs.107 crore allegedly diverted into the fake accounts along with the interest earned on those funds.

According to the ED, Pushpinder Singh, th...