A special Central Bureau of Investigation (CBI) court in Mumbai has rejected the discharge plea of businessman Premal Kiran Goragandhi in a ₹290 crore bank fraud case involving Parekh Aluminex Ltd (PAL). The court found prima facie evidence of his involvement in a conspiracy to defraud a consortium of banks led by Indian Overseas Bank.

Goragandhi is accused of acting as a director of three shell companies that facilitated fictitious transactions to inflate PAL’s turnover, enabling the company to secure enhanced credit facilities. The court emphasized that documentary evidence, including bank records, substantiated the charges of fraud, forgery, and criminal conspiracy.

In his defense, Goragandhi denied any wrongdoing and presented a private forensic report challenging the authenticity of his signatures on key documents. However, the court dismissed this claim, noting that photocopied forensic evidence lacks legal standing at this stage.

The case will now proceed to trial, where the evidence and individual roles will be further scrutinized.

Sources