Mahavastu Founder Khushdeep Bansal in ₹63 Crore Fraud

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.

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 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.

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.

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.

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.