Chandigarh: Chargesheet filed by CBI in ₹16-cr fraud case
According to the chargesheet, company directors Vinay Gupta and Urvashi Gupta took ₹16 crore as loan from Punjab National Bank for commercial purposes, but the amount was diverted to repay personal expenses and loans of other companies
The Central Bureau of Investigation (CBI) has filed a chargesheet in connection with a ₹16-crore bank fraud involving Punjab Lightning Industries Limited, Industrial Area, Phase 2, Mohali. The case was registered on June 27, 2024. The trial is set to begin in a special CBI court in Chandigarh from June 4.
According to the chargesheet, company directors Vinay Gupta and Urvashi Gupta obtained a loan of about ₹16 crore from Punjab National Bank for commercial purposes, but the amount was diverted to repay personal expenses and loans of other companies, owned by the accused.
The fraud was uncovered when the bank conducted an internal investigation as the company had defaulted on payments. After an audit to verify the stock of the company’s unit, the bank found out that there was neither any production nor any raw material or finished material in the factory in Mohali. The factory had been closed for several months. In the audit, it was revealed that Vinay Gupta had bought a house in Sector 15-A, Chandigarh, registered in the name of his son.
It was found that he also bought another property in Sector 11. The internal report stated the accused wilfully defaulted following which a complaint was filed with the CBI. Sections 420 (cheating) and 120-B (criminal conspiracy) of the IPC and relevant sections under the Prevention of Corruption Act were slapped, officials said.
