India's Enforcement Directorate chargesheet two major bank frauds

The Enforcement Directorate (ED) has filed prosecution complaints in two high‑value bank fraud investigations in India. In the Kotak Mahindra Bank case, a former Deputy Vice President, Pushpinder Singh, is accused of using embezzled funds from the Panchkula Municipal Corporation to purchase luxury vehicles, including a Porsche Cayenne and BMW models. The ED attached assets worth about ₹131.13 crore, comprising bank balances of ₹12.85 crore and properties valued at ₹118.28 crore, and named nine individuals in the chargesheet.

In a separate investigation, the ED’s Bengaluru Zonal Office lodged a chargesheet against Deepak Cable (India) Limited, its former promoters and directors, and several associated firms for an alleged Rs 1,047 crore bank fraud and money‑laundering scheme. The case, based on FIRs from the CBI following complaints by State Bank of India and Punjab National Bank, alleges inflated financial statements, fictitious sales, and diversion of proceeds to personal accounts and property purchases. The fraud is reported to have caused losses of Rs 899.35 crore to SBI and Rs 147.93 crore to PNB.