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Bhola had served as Deputy Superintendent of Police but was dismissed from service in 2012 after his links with the drugs racket were revealed.
The Bureau would focus on heinous and serious criminal cases in a professional, scientific and time-bound manner, so as to ensure effective investigations and better conviction.
Gupta succeeds Suresh Arora, who had been on an extension since his retirement on September 30 last year.
Police have recovered four pistols and 22 live bullets from the arrested gangsters, who had reportedly procured the weapons from a contact in Meerut in Uttar Pradesh.
In March 1999, 25-year-old Jaswinder Sidhu had secretly married Sukhwinder Singh Mithu a kabaddi player who came from a poor Jat Sikh family.
The family of one of the victims killed in the encounter claimed that police shot him dead along with his wife and his teenage daughter in a staged encounter.
The money was being carried by a couple, Nirmal Singh and Sukhchain Kaur, who hail from Sirsa district in neighbouring Haryana.
Sources said Akshay was questioned by the SIT headed by Additional DGP Prabodh Kumar for about an hour on the sixth floor of the Punjab Police headquarters.
No action has so far been initiated against the organisers, who are leaders of the ruling Congress in Punjab, of the Dusshera event.
It is learnt that Singh was trying to recruit youths for the last six months he was in touch with some people abroad and he might have been getting funds from there.
Initial investigations revealed that they were receiving funds from overseas as part of the campaign started by Gurpartap Singh Pannu, legal advisor of Sikh for Justice - a New York-based organisation
Uppal had been sending the victim WhatsApp messages and also sending her the location where she was on her phone.
Jaswinder Kaur, aged around 35, of Shehzada village was caught on CCTV while falling from the police jeep's roof on September 25.
The matter came to light after CCTV footage emerged showing the woman being carried on the roof of the jeep driven by a police official.
Arora, a 1982 batch IPS officer of Punjab cadre had taken over as DGP on October 25, 2015, during the previous SAD-BJP Government.