Mahavastu Founder Khushdeep Bansal Named in ₹63 Crore Assam Fraud Case
Guwahati (Assam): The name of Dr. Khushdeep Bansal, founder of Mahavastu, has surfaced as a key accused in a high-profile ₹63 crore fraud case under investigation in Assam. The case, registered as Sessions Case No. 93/24 in the Court of Addl. Sessions Judge No. 5, Kamrup (M), Guwahati, involves multiple accused, including Partha Bharadwaj, Harish Bansal, and others.
According to court documents, Sabharwal Trading India Pvt. Ltd. (STIPL) lodged a complaint alleging financial fraud, forgery, and misuse of the State Emblem of India. The case falls under several sections of the Indian Penal Code — including 120(B), 406, 420, 465, 467, 468, 471 — and sections 7(1)/7(2) of the State Emblem of India (Prohibition of Improper Use) Act, 2005.
₹63 Crore Loss and Multiple Fake Companies Exposed
The investigation revealed a complex network of companies allegedly involved in generating fake GST bills and non-existent transactions to manipulate STIPL’s financial books. It is alleged that the fraudulent activities led to a manufactured loss of ₹59 crore during FY 2023–24.
As per the charge sheets submitted by the CID, Dr. Khushdeep Bansal and Harish Bansal have been named for their alleged involvement in the financial misappropriation and forgery. The petitioners, however, claim that the investigation is one-sided and that Sabharwal Trading India Pvt. Ltd. itself is the “real perpetrator” behind the scam.
Accused Demand Fresh Investigation
In the latest hearing on 8 August 2025, the defence counsel representing Khushdeep and Harish Bansal sought further investigation under Section 193(9) of the Bharatiya Nyaya Sanhita (BNSS). They argued that the investigating authority failed to examine key evidence and ignored multiple financial irregularities linked to the complainant’s company.
Despite the plea, the court rejected the petition for further investigation, stating that such matters fall outside the trial court’s jurisdiction. The next hearing has been scheduled for 22 August 2025.
Fraud Involving Government Contracts
Documents show that STIPL was awarded purchase orders worth over ₹110 crore by the Matak Autonomous Council, Assam, for supply of items like school bags, mosquito nets, and blankets. However, investigators allege that several of these transactions existed only on paper, with bogus invoices and inflated tender prices used to create artificial losses.
What Lies Ahead
The case against Mahavastu founder Dr. Khushdeep Bansal continues to raise major questions about financial integrity, misuse of government symbols, and the functioning of corporate networks in government contracts. Legal experts expect further developments in the upcoming hearings as the Assam CID deepens its investigation into the alleged fraud ring.
Next court date: 22 August 2025
To read the full court order in PDF format, click here: View Complete Order (PDF)