In a continuation of the ongoing investigation, the Enforcement Directorate (ED) carried out extensive searches across approximately a dozen locations in Delhi-NCR and Punjab on Friday. These actions are part of a broader inquiry into suspected money laundering activities involving a prominent Chandigarh-based pharmaceutical company and its key stakeholders.
The focus of these searches is on Parabolic Drugs, the said pharmaceutical entity, and its promoters, who have been under scrutiny in connection with an alleged bank fraud. Vineet Gupta (54) and Pranav Gupta (56), both co-founders of Sonepat-based Ashoka University, were previously arrested by the ED under the Prevention of Money Laundering Act (PMLA). Additionally, Chartered Accountant Surjeet Kumar Bansal (74) was also apprehended in connection with this case.
The investigation into Parabolic Drugs dates back to earlier raids conducted in October, which marked the commencement of intense scrutiny on the company’s financial dealings.
The Guptas’ association with Ashoka University ceased in 2022 after the Central Bureau of Investigation (CBI) filed a case against them and the pharmaceutical company in 2021, alleging their involvement in a substantial bank loan fraud amounting to ₹1,626 crore.
The ED, which initiated a money laundering probe against them in January of the preceding year, revealed alarming details in court. It accused the arrested directors of actively manipulating documents to secure loans and then redirecting the funds through convoluted transactions within their group companies, effectively concealing the trail of the illicitly obtained funds.
The agency further alleged the use of shell companies to inflate the value of primary securities for obtaining loans and cited instances where Parabolic Drugs purportedly raised false invoices to manipulate financial records.
Surjeet Kumar Bansal, through his firm SK Bansal and Company, was accused of issuing fabricated certificates to Parabolic Drugs, facilitating the company in securing loans from a consortium of banks.
The ED contended that these illicit practices and misappropriation of loan funds led to a wrongful loss of ₹1,626.7 crore to the Central Bank of India and other consortium banks, as per the details presented in the CBI FIR.
The ED’s latest raids underscore a concerted effort to trace the intricate web of financial irregularities, revealing an elaborate scheme allegedly orchestrated by the accused to deceive financial institutions and amass illicit gains. As the investigation progresses, authorities aim to unearth further evidence to strengthen the case against the accused individuals involved in this purported financial malfeasance.
Sources By Agencies
