Mohali: CA named in ₹3 crore fraud case granted bail

Accused counsel argued that Parminder was only serving as the company’s CA and had merely performed his professional duties

The Mohali court of the additional district and sessions judge has granted bail to chartered accountant (CA) Parminder Pal Singh, who was arrested in connection with an alleged multi-crore fraud in a Biofuel company. The accused had been in judicial custody since December 5, 2025.

The court granted bail to Parminder on furnishing a surety bond of ₹50,000. (HT Photo for representation)

The complainant, Parmjit Singh, a retired bank employee, alleged that Avtar Singh and his son Jaswant Singh, a US citizen, cheated him of around ₹3.15 crore by luring him into investing in their company. It was alleged that CA Parminder Pal Singh uploaded forged share certificates, which reduced the complainant’s shareholding in the company from 50% to 36%.

Accused counsel argued that Parminder was only serving as the company’s CA and had merely performed his professional duties. He submitted that the accused did not derive any financial benefit from the transaction. The defence also pointed out that the main accused, the father-son duo, had already been granted anticipatory bail by the Punjab and Haryana high court.

After examining the record, the court observed that no other criminal case was registered against the accused and that he had already remained in custody for over a month. Noting that the investigation may take time, the court held that keeping the accused in further custody was not justified.