ED Conducts Searches In Delhi-NCR, Punjab Against Pharma Company Based In Chandigarh

The ED on Friday has conducted fresh searches at about a dozen locations in the Delhi-NCR and Punjab as part of a money laundering investigation against a Chandigarh-based pharmaceutical company and its promoters linked to an alleged bank fraud.

The 1st round of searches in this case against the company Parabolic Drugs were carried out in October.

Earlier, the central agency arrested Parabolic Drugs promoters Vineet Gupta (54) and Pranav Gupta (56), who are also the co-founders of the Sonepat-based Ashoka University, and CA Surjeet Kumar Bansal (74) under the provisions of the PMLA.

The Guptas stepped down from their posts at Ashoka University in 2022 after the CBI registered a case against them and the company in 2021 for their alleged involvement in a bank loan fraud of Rs 1,626 crore.

The ED filed a money laundering case against them last year in January.

The agency told the court in October that the 2 arrested directors of the company were “actively involved in defrauding the banks by availing loans or financial facilities based upon forged and fabricated documents”.

It alleged that the 2 “intentionally changed colour of the loan funds from liabilities to assets and layered, diverted and siphoned off the said funds by way of circuitous transactions using platform of their group companies that were under their control”.

The agency said the 2 availed services of “shell companies” and “illegally inflated the value of primary security against which drawings were allowed by the bank”.

The agency claimed, “Under their command and control, Parabolic Drugs Ltd raised fake and unrelated goods invoices and illegally received entries from shell companies.”

The agency said Bansal, through his chartered accountancy firm SK Bansal and Company, issued “false certificates to Parabolic Drugs Ltd. which were used for availing loans from consortium of banks”.

Their illegal activities and abuse of loan funds caused a wrongful loss of Rs 1,626.7 crore to the CBI and other consortium banks, as per the CBI FIR, the ED told the court while seeking the remand of the 3.

Meera Verma

Recent Posts

Rajasthan HC Quashes SC/ST Case Against Actress Shilpa Shetty

The Rajasthan High Court on Thursday quashed a complaint filed under the SC/ST (Prevention of…

19 hours ago

Allahabad HC Turns Down Appeal Seeking Appointment Of Receiver For Jaigurudev Sanstha

The Allahabad High Court on Thursday has dismissed an appeal filed by the Jaigurudev Dharma…

19 hours ago

Shivaji Statue Collapse Case: Bombay HC Grants Bail To Consultant Chetan Patil

The Bombay High Court granted bail to consultant Chetan Patil on Thursday in connection with…

20 hours ago

Excise Policy Case: Delhi HC Refuses To Stay Trial Against Arvind Kejriwal

The Delhi High Court on Thursday declined to stay the trial proceedings against former Delhi…

20 hours ago

AP Assembly Passes Resolution To Set Up HC Bench In Kurnool

The Andhra Pradesh Assembly on Thursday passed a resolution to establish a permanent High Court…

21 hours ago

Lesbian Couple Desiring Child Gets Bail In Kidnapping Of Minor Girl

The Bombay High Court on Thursday granted bail to a lesbian couple arrested for allegedly…

21 hours ago