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The Central Bureau of Investigation (CBI) has closed its case against Pune Buildtech Private Limited (PBPL) and its directors regarding an alleged bank fraud of Rs 30 crore in Punjab National Bank. After nearly seven months of investigation, the final report was submitted to a special CBI court. According to the central investigation agency, there was "no malafide purpose of the borrower to cheat/defraud the bank or to cause unlawful loss to the bank and so no criminal case was established against the accused.”
The agency listed Ishaq Yusuf Balwa and Jayvardhan Vinod Goenka as directors of Pune Buildtech (formerly Dynamix Balwas Resorts Pvt Ltd) in a FIR that was submitted on June 17, 2022. The agency also searched the company's premises. A special CBI court cleared everyone who had been charged in the 2G case against DB Group.
A complaint from the Punjab National Bank (PNB) prompted the CBI to file an investigation against PBPL, a company founded in 1997 with the goal of developing luxury hotels and resorts. According to the PNB's complaint, the company is a fully owned subsidiary of DB Hospitality Pvt Ltd which is promoted by the Balwas Group and the Dynamix Group and based on which the CBI launched its investigation after filing the FIR.
A five-star hotel that the business had intended to build in Yerwada, Pune that was funded by PNB (102 crore rupees) and Allahabad Bank now known as Indian Bank (Rs 102 crore). PNB had paid out Rs 30.50 crore up to 2011 after which it ceased paying out more money. Sources say the project was then postponed because it took too long to get approval from the Pune Municipal Corporation, and the company's promoters were reportedly embroiled in a 2G spectrum case.
Pune Buildtech Pvt Ltd is a real estate development company based in Pune, Maharashtra, India. The company was founded in 2005. The company's portfolio includes a range of projects, including affordable housing, luxury apartments, and commercial spaces. Some of Pune Buildtech's notable projects include Bella Vista, which offers luxurious 3 and 4 BHK apartments, and the commercial project, Business Square. The company is also involved in the development of various affordable housing projects in partnership with the Maharashtra government.
The 2G scam was a major corruption scandal that rocked India's telecommunications industry and government in 2010. It involved irregularities in the allocation of 2G (second-generation) spectrum licenses and bandwidth to various telecom companies during the tenure of the then-telecom minister A. Raja, between 2007 and 2008. The scam was estimated to have caused a loss of over Rs. 1.76 lakh crore (around 24 billion USD) to the Indian government.
The scandal came to light after the Comptroller and Auditor General (CAG) of India released a report in November 2010 that highlighted irregularities and favouritism in the allocation of spectrum licenses. This sparked a massive political controversy, with calls for the resignation of the then-telecom minister and investigations into the scam.
The Central Bureau of Investigation (CBI) launched an investigation into the scam, and several high-profile politicians and businessmen were arrested and charged with corruption, including A. Raja and several executives of telecom companies. The case went to trial in 2011, and in 2017, the special court hearing the case acquitted all the accused, citing a lack of evidence.
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