Audit report: Firm owned by Punjab CM Channi’s nephew, aides had 18. 37 lakh revenue in 2019-20

The firm was a key link between Punjab CM Charanjit Singh Channi’s nephew and a raid conducted by the Enforcement Directorate (ED) in an illegal sand mining case
Punjab chief minister Charanjit Singh Channi
Punjab chief minister Charanjit Singh Channi
Published on Jan 24, 2022 01:06 AM IST
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By, Jalandhar

The firm owned by Punjab chief minister Charanjit Singh Channi’s nephew Bhupinder Singh, alias Honey and his aides Kudrat Deep Singh and Sandeep Kumar had a total revenue of 18.77 lakh in the financial year 2019-2020, according to the audit report available on the website of the Union ministry of corporate affairs.

The Provider Overseas Consultancy Private Limited was a key link between the CM’s nephew and a raid conducted by the Enforcement Directorate (ED) in an illegal sand mining case.

The central agency had seized a whopping 10 crore, a Rolex watch worth of 12 lakh besides gold worth 21 lakh from Honey and Sandeep during the raid on January 19. It has been probing money-laundering charges against the three as it suspects the proceeds of illegal sand mining were transferred to the firm.

As per the details, the form was set up in Sector 44-D, Chandigarh, in October 2018 and has Kudrat Deep Singh, Bhupinder Singh and Sandeep Kumar as directors with 33.33% equal share.

The firm has an authorised equity share capital of 5 lakh whereas its paid up capital is 60,000 and each director owns 2,000 shares.

The audit reports, including balance sheets, submitted last in February 2021 reveal that the firm’s revenue of 18.37 lakh in the financial year ending March 31, 2020, came in the form of commission. It also shows that total expenditure of the company was 23.12 lakh, including 12.34 lakh in salaries to employees and 10 lakh as other expenses.

The reports also reveal that the company has an unsecured loan of 3.88 lakh in the long-term liability category and 5.26 lakh amount was shown as advance from customers.

The report mentions that the company had no revenue in the financial year ending March 31, 2019 whereas it had an expenditure of 22,954.

The ED’s probe under the Prevention of Money Laundering Act (PMLA) is based on a 2018 case registered by Punjab Police for illegal sand mining in the state. The agency had lodged an ECIR (Enforcement Case Information Report) at its zonal office in Jalandhar in November last year after taking over the probe.

According to the FIR, there are 26 accused, including Kudrat Deep, and mostly truck drivers. Bhupinder Honey was not accused in the FIR whereas Kudrat was also granted clean chit by the SBS Nagar police in a follow-up inquiry.

The case was registered on the complaint of the Punjab mining department that found sand quarries being run without approval during its raids in 2018.

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  • ABOUT THE AUTHOR

    A staff correspondent, based in Jalandhar covers Doaba Region of Punjab. Reports about Punjab Police, Enforcement Directorate, politics, corruption, legal, rural areas, socio-economic issues and technical education besides having specialisation in the investigative stories.

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