Major Developments in Rs 62-Crore Bank Fraud Case

The Directorate of Enforcement (ED) in Jalandhar has filed charges against Charanjit Singh Bajaj and others in connection with a multi-crore bank fraud. Investigation shows misuse of bank loans and diversion of funds via shell companies. Assets worth crores have been seized as further investigations continue.

In a significant development, the Directorate of Enforcement (ED) from Jalandhar Zonal Office has lodged a prosecution complaint in the Special Court (PMLA) in Mohali. The complaint charges Charanjit Singh Bajaj and four other individuals, including the company Pure Milk Products Private Limited (PMPPL), with alleged money laundering linked to a Rs 62.13 crore bank fraud.

Officials confirmed that the special court took cognizance of these charges on October 30, 2024. The investigation, initiated based on an FIR filed by the Central Bureau of Investigation, discovered that the loan granted was not used for its intended purpose. Allegedly, Charanjit Singh Bajaj, the managing director of PMPPL, diverted these funds through various shell companies.

The investigation further uncovered that Rs 37.82 crore of these proceeds were transferred to related entities through fraudulent means. Previous ED operations on 11 premises led to the recovery of Rs 1.14 crore in cash and gold. Assets worth Rs 24.94 crore have also been attached, while the investigation remains ongoing.

(With inputs from agencies.)