PMLA court frames charges in 2012 Chandigarh housing loan scam

The Prevention of Money Laundering Act (PMLA) Court today framed charges in an alleged Rs 24-crore housing loan fraud of Punjab and Sindh Bank that came to light in the year 2012.

The Enforcement Directorate (ED) had filed a charge sheet in the court in the year 2023. The charges have been framed against Rajinder Singh Kalsi, former bank manager of Punjab and Sindh Bank and two other officials.

Th police had registered a case against three people including Rajinder Singh Kalsi, former bank manager of Punjab and Sindh Bank branch located in Sector 24, at Sector 11 under sections 420, 467, 468, 471 and 120-B of the Indian Penal Code. It was alleged that the then bank manager Kalsi and other accused together issued loans on fake names and addresses, causing a loss of revenue.

After the FIR was registered, the ED also started investigating the matter. The ED suspected money laundering of crores of rupees in this case.

Munish Dewan, counsel of the accused denied the charges and claimed that the ED filed a false case, adding that the accused had been acquitted in the main case.

After hearing the arguments, the court framed the charges against all accused, who pleaded not guilty and claimed trial.