Kotak Mahindra Bank addresses alleged Rs 160-crore FD fraud | Business Upturn

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Kotak Mahindra Bank has responded to recent allegations of a Rs 160-crore fixed deposit fraud linked to the Panchkula Municipal Corporation. The bank clarified that there is no material impact in terms of the provisions of Regulation 30(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The bank is currently examining the matter following instructions from the Municipal Corporation of Panchkula. Kotak Mahindra Bank has assured that it is fully cooperating with the Municipal Corporation, government authorities, and law enforcement agencies during the investigation process.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

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TOPICS: Kotak Mahindra Bank Panchkula Municipal Corporation SEBI