Proclamation proceedings against two directors in Rs 600cr fraud case

The Prevention of Money Laundering Act ( PMLA) Court, Chandigarh, has started proclamation proceedings against two directors, Rajiv Goyal and Alka Goyal, of Surya Pharmaceuticals in a complaint filed two years ago. The ED had filed the complaint against the directors under offences punishable under Sections 44, 45 and 3, read with 70, and Section 4 of the Prevention of Money Laundering Act, 2002. But the two failed to appear before the court despite many summons being sent to them.

The ED had started the investigation against the directors of the company after the CBI registered a case against them for allegedly cheating a consortium of five banks to the tune of Rs 621 crore. The CBI had registered the case in 2018 against them for criminal conspiracy, cheating, forgery and under provisions of the Prevention of Corruption Act.

The CBI alleged that the accused had defrauded banks to the tune of over Rs 621 crore by diverting and siphoning off the loan through its sister concerns and not utilising the credit for the purpose it was sanctioned, i.e. manufacturing of pharmaceuticals.

The ED had filed the complaint in April 2024. The ED court in the order passed on October 2 said that non-bailable warrants issued against accused M/s Surya Pharmaceuticals through its directors Rajiv Goyal and Alka Goyal had been received back unexecuted, and the affidavit in this regard was filed by the investigating officer of this case. The special public prosecutor has urged that the presence of the accused cannot be secured through ordinary process and has requested for issuance of proclamation against these accused. A written application has already been moved on the behalf of the ED in this regard.

The court said that since whereabouts of the accused were not known in India and they had already been declared proclaimed offenders in another CBI case, this

court was satisfied that the service of these accused could not be secured through the ordinary process. Therefore, proclamation under Section 84, BNSS, be issued qua accused M/s Surya Pharmaceuticals through its directors, returnable for November 11, 2025. They have been directed to appear at the PMLA court to answer the complaint on the date fixed for hearing.