Chandigarh, April 22 -- The Central Bureau of Investigation (CBI) has filed a chargesheet in connection with a Rs.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 Rs.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...