Pushpender Singh, aged 40, the former branch manager of Kotak Mahindra Bank's Sector-11 branch in Panchkula, Haryana, surrendered to the state vigilance and anti-corruption bureau on Wednesday regarding a ₹150-crore fixed deposit receipts fraud linked to the Panchkula municipal corporation. Singh, who was promoted to deputy vice-president and is currently suspended, is alleged to be the mastermind behind this extensive fraud scheme. He reportedly collaborated with Vikas Kaushik, the former senior accounts officer of the municipal corporation, to create fake bank accounts in the civic body's name and prepared fraudulent debit notes to prematurely encash fixed deposits. The investigation revealed that the misappropriated funds were funneled to fake accounts and subsequently transferred to builders. When the municipal corporation sought details about the fixed deposits in 2025 and 2026, Singh and Kaushik allegedly attempted to cover up the fraud with forged documents. Kaushik, arrested earlier, is currently in police custody, while several other individuals involved in the scheme have also been apprehended.