ED alleges ex-Kotak VP bought luxury cars With Rs 107-Crore Panchkula fraud proceedsThe Enforcement Directorate alleged a former Kotak Mahindra Bank executive used funds siphoned from Panchkula Municipal Corporation accounts to buy luxury vehicles and other assets. The four allegedly perpetrated a fraud to “embezzle” the funds belonging to the state government department, the ED said. Thereafter, they transferred the corporation’s funds from its genuine accounts with Kotak Mahindra Bank to these unauthorised accounts using “fake” authorisation letters created in the name of MC Panchkula. “It is learnt that Satish Kumar of Kotak Mahindra Bank was also involved in this fraud,” it said. The ED pegged the total defrauded sum at Rs 107.24 crore and said that it has also attached assets worth Rs 131 crore in the case.