Baddi firm MD held for ‘embezzlement’
Tribune News Service
Solan, February 6
The Baddi police today arrested Vijay Kumar Pabby, managing director, Stesalit, Baddi, for the alleged embezzlement of more than Rs 1 crore from the provident fund (PF) of the company staff.
Superintendent of Police Gaurav Singh said the accused had embezzled the fund of more than 500 employees and it had not been deposited to the PF account. He was arrested from Mohali by the Baddi police.
A case under Sections 406 and 409 of the IPC for the criminal breach of trust has been registered against Pabby.
The affected employees had approached the PF Commissioner for securing their provident fund, but it had failed to yield any result.
Pabby had failed to respond to the summons and the show-cause notice issued by PF officials, following which the Enforcement Officer lodged an FIR.DSP, Baddi, Rahul Sharma, said a demand draft for Rs 61 lakh was given to the PF officials by Pabby.
He was, however, produced in a local court which remanded him to the four-day police custody.
The company, which manufactured railway parts, had several units but they had closed their operations more than a year ago.
