Firm directors booked for Rs 1,626-crore bank fraud

New Delhi, January 1

The CBI today stated that it has booked a Chandigarh-based drug firm and its promoters/directors in a case of alleged bank fraud to the tune of Rs1,626.74 crore.

Officials in the agency said besides the company’s Managing Director Paranav Gupta, Directors Vineet Gupta, Deepali Gupta, Rama Gupta, Jagjit Singh Chahal, Sanjeev Kumar, Vandana Singla, Ishrat Gill, and its guarantors TN Goyal and Nirmal Bansal and one JD Gupta have also been booked.

Following the registration of an FIR, the CBI today conducted searches at 12 locations in Chandigarh, Panchkula, Ludhiana, Faridabad and Delhi at the office and residential premises of the accused, said CBI spokesperson RC Joshi.

The raids resulted in recovery of incriminating documents, articles, and Rs1.58 crore, he added.

According to the official, the private company was engaged in the manufacturing of drugs and allegedly defrauded the consortium of banks through criminal conspiracy and forgery, and funneled loans it took for other uses. — TNS