Kotak Mahindra fraud: Mastermind bought BMWs, a Porsche, Harley Davidson from crime proceeds, says ED

['Jagpreet Singh Sandhu', 'Jagpreet Singh Sandhu Is A Senior Correspondent At The Indian Express', 'Based In Chandigarh. He Is A Veteran Reporter With Over A Decade Of Experience', 'Specializing In Legal', 'Crime', 'Environmental Reporting Across The Tri-City Area', 'Chandigarh', 'Mohali', 'Panchkula .', 'Professional Background Core Beat'] The Indian Express 2026-08-07 07:51:10

Pushpinder Singh, the alleged mastermind of the Kotak Mahindra Bank-Panchkula Municipal Corporation (MC) fraud case, used the proceeds of crime to buy a fleet of luxury vehicles, the Enforcement Directorate (ED) has claimed. The ED further alleged that funds from the corporation’s genuine bank accounts were transferred to these unauthorised accounts. The firm, the ED alleged, was used for disposal of movable and immovable properties acquired from the proceeds of crime. According to the ED, Rs 107.24 crore of MC Panchkula funds were retained in the illegal accounts and those of intermediaries and beneficiaries. The ED has alleged Pushpinder Singh as the mastermind in the case.