CBI raids Noel Pharma in Baddi over Rs 33 crore fraud

CBI, Shimla, conducted raids at three places, including a pharma unit at Judikalan in Baddi last evening, after an FIR was registered against it for cheating, criminal conspiracy, breach of trust among other violations of the law.

According to the FIR, the CBI registered a case of cheating, criminal conspiracy, criminal breach of trust by public servant, fraudulent or dishonest prevention of debts from being paid to creditors as well as various sections of the Prevention of Corruption Act against Noel Pharma, Chief Managing Director of the firm Sandhrapalle Venkataiah, its director Gundluru Mastan and two public servants on January 13 at Shimla, confirmed an official.

The central agency had earlier received a complaint on May 2, 2024, from SBI’s Assistant General Manager at Baddi alleging that Noel Pharma Private Limited through its directors, Sandhrapalle Venkataiah and Gundluru Mastan, allegedly connived with some public servants and private persons.

It said they cheated the bank by disposing collateral properties, mortgaged with the bank without their consent and utilised its proceeds for their own purpose, failing to deposit them in the lending bank.

“This misappropriation of funds caused a loss to the government exchequer to the tune of Rs 33 crore,” states the FIR.