Kotak ex-deputy VP bought Porsche, BMWs using fraud proceeds: ED

ED has filed a prosecution complaint against nine accused in the alleged Kotak Mahindra Bank fraud case and attached assets worth ₹131.13 crore. It alleged Pushpinder Singh, then Deputy Vice-President of Kotak Mahindra Bank, siphoned Municipal Corporation, Panchkula funds through fake bank accounts. The proceeds were allegedly used to buy Porsche and BMW cars, luxury watches and furniture.