Bureau (SV&ACB) has alleged that nearly ₹338.27 crore was siphoned off from the municipal corporation (MC), Panchkula, through a well-planned criminal conspiracy involving fake bank accounts, forged documents, illegal fund transfers, and the manipulation of fixed deposits (FDs), according to a chargesheet recently filed before a Panchkula court.The chargesheet also includes 86 categories of documentary and electronic evidence, comprising bank records, account details, fixed deposit records, recovered stamps, laptops. (HT File)The chargesheet states that the accused allegedly transferred ₹338.27 crore from the municipal corporation’s legitimate bank accounts into illegal accounts and thereafter to accounts linked to the accused. Of this amount, ₹234.12 crore was allegedly transferred back to valid MC accounts, while ₹104.15 crore remained unaccounted for and is suspected to have been embezzled.The bureau has cited 79 witnesses to prove its case, including officials of Kotak Mahindra Bank, AU Small Finance Bank, HDFC Bank, Bank of India, Central Bank of India and Bank of Baroda, besides employees of the MC, Haryana Shehri Vikas Pradhikaran (HSVP), government officials, private individuals and inquiry officers of the SV&ACB. Their testimonies are expected to establish the alleged forged signatures, bank transactions, seizure memos, disclosure statements, bank records and the recovery of stamps, mobile phones, pen drives and other electronic evidence.The chargesheet also includes 86 categories of documentary and electronic evidence, comprising bank records, account details, fixed deposit records, recovered stamps, laptops, mobile phones, pen drives and other incriminating material.The case was registered by the SV&ACB Police Station, Panchkula, on March 24 under various provisions of the Bharatiya Nyaya Sanhita (BNS), the Prevention of Corruption Act and the Banking Regulation Act.According to the investigating agency, nine accused entered into a premeditated criminal conspiracy to misappropriate public funds belonging to the MC. The accused include Dalip Raghav ,34, then relationship manager, Kotak Mahindra Bank, Sector 11; Rajat Dahara,48, owner of M/s Dahara Production; Kapil ,39, a private employee; Vikash Kaushik,39, then senior accounts officer of MC; Swati Tomar,38, a private employee; Pushpender Singh,40, then manager, Kotak Mahindra Bank, Sector 11; Sonia ,37; Priyanka Raizada,40, then proprietor of M/s S.K. Agrotech Farm; and Neha Samar Ranga .Four methods used to execute the conspiracyThe investigation claims that the conspiracy was executed through four methods—direct siphoning of funds through dummy and non-genuine bank accounts, premature encashment of fixed deposits, unauthorised fund transfers and layering of transactions, and creation of secondary fixed deposits for laundering the money.According to the chargesheet, fake bank accounts were allegedly opened using forged documents to facilitate the embezzlement. Agency alleged that money was transferred from four MC accounts maintained with Kotak Mahindra Bank, Panchkula, into 15 accounts allegedly linked to Rajat Dahara, Swati Tomar, SK Agrotech, Sonia, Vinod and Kapil. The funds were subsequently routed to accounts of Sanat Enterprises and allied entities, Swati Tomar, Pushpender Singh, Samar Mohan Ranga and Aryan Singh.The investigation further alleged serious procedural irregularities in opening the MC’s accounts at Kotak Mahindra Bank. It stated that no approval order from the MC commissioner or any competent authority was found on record, nor was any official file relating to the opening of the accounts available with the MC. It also claimed that no government order or resolution authorising the opening and operation of the accounts or nominating authorised signatories were found.The agency further alleged that forged FD advice documents were prepared and used to make ledger entries in the MC’s accounts. It also alleged that accused Dalip Raghav submitted quotations showing higher interest rates for fixed deposits, whereas verification with the bank revealed that the actual interest rates were lower than those reflected in the alleged forged documents.According to the chargesheet, the accused also changed the MC’s registered e-mail IDs and mobile numbers linked to the alleged illegal bank accounts and replaced them with forged contact details to facilitate unauthorised transactions. It further alleged that forged records were used to change the authorised signatory for the MC’s bank accounts at Kotak Mahindra Bank.The investigation also alleged that while other banks paid compound interest on the MC’s fixed deposits, Kotak Mahindra Bank paid only simple interest on FDs created between 2020 and 2023, and forged documents were allegedly prepared to falsely reflect higher interest returns.The chargesheet further alleged that several fixed deposits were prematurely encashed and the proceeds transferred into illegal accounts before being diverted to the personal accounts of the accused. The allegations made in the chargesheet are yet to be tested during trial.