In a significant ₹16-crore bank fraud case involving Punjab Lightning Industries Limited, situated in Industrial Area, Phase 2, Mohali, the Central Bureau of Investigation (CBI) has formally filed a chargesheet. The trial will start on June 4, 2025, at a special CBI court in Chandigarh. The case was first registered on June 27, 2024.
How the Bank Fraud Happened
According to the CBI’s chargesheet, the company’s directors Vinay Gupta and Urvashi Gupta had taken a loan of nearly ₹16 crore from Punjab National Bank (PNB). The loan was meant for the business’s working capital and commercial activities. However, instead of using the money for the business, they allegedly diverted the funds for personal use and to pay off loans of other companies owned by them.
What the Bank Discovered
The fraud came to light after the company stopped repaying the loan, which raised concerns at the bank. Punjab National Bank then conducted an internal investigation, which revealed shocking findings. During the audit of the company’s unit in Mohali, it was discovered that:
- No production was going on at the factory.
- There was no raw material or finished goods on site.
- The factory had been shut down for several months.
Misuse of Loan for Buying Property
The audit further revealed that Vinay Gupta used part of the loan amount to buy a house in Sector 15-A, Chandigarh, and the property was registered under his son’s name. He also bought another property in Sector 11, which clearly indicated that the funds were not being used for the business, but rather for personal gains.
Legal Action and CBI Investigation
Following the internal audit, PNB filed a complaint with the CBI, as the evidence pointed toward intentional default by the company directors. After investigating the matter, the CBI charged them under:
- Section 420 of the Indian Penal Code (IPC) – for cheating.
- Section 120-B of the IPC – for criminal conspiracy.
- Relevant sections of the Prevention of Corruption Act.
No comments:
Post a Comment