No track of 632 customer-return bicycles, Ludhiana company files FIR against former executive.

Ludhiana: Police suspect an insider ring helped a former digital marketing executive embezzle 632 bicycles worth ₹29 lakh from a manufacturing giant.The Sahnewal police filed a first-information report (FIR) against Rajan Pandey of Giaspura after an internal corporate audit revealed that hundreds of bicycles marked as online customer returns had never arrived back at the factory.The investigating officer, assistant sub-inspector Karanjeet Singh, said: “The police suspect additional company employees colluded in the logistics fraud to divert and sell the stock.”Pandey, who joined the bicycle company as digital marketing head in July 2022 to oversee e-commerce sales, resigned abruptly via email on March 18, 2026. Management said he had walked out without completing his notice period or handing over accounts after being questioned about the inventory discrepancies.The company also alleged that Pandey had defaulted on a ₹5 lakh corporate loan advanced to him in Jan 2025, leaving an outstanding balance of a little more than ₹3 lakh.Pandey has since ceased contact with the company and moved a petition in labour court seeking a structured instalment plan to repay the remaining loan balance. He faces charges of criminal breach of trust under Section 316(4) of the Bharatiya Nyaya Sanhita (BNS).