CBI raids pharma unit in Baddi

Tightening the noose around an erring industrial unit, the Central Bureau of Investigation (CBI), Shimla, conducted raids at three places, including a pharmaceutical firm situated at Judikalan in Baddi on Wednesday evening.

On January 13, the CBI had registered a cheating, criminal conspiracy, fraudulent or dishonest prevention of debts from being paid to creditors and the Prevention of Corruption Act case against Noel Pharma, its chief managing director Sandhrapalle Venkataiah, director Gundluru Mastan and two public servants.

“The central agency had received a complaint on May 2, 2024, from the Assistant General Manager, State Bank of India, Baddi, alleging that Noel Pharma (India) Private Limited through its directors Sandhrapalle Venkataiah and Gundluru Mastan connived with public servants and private persons and cheated the bank by disposing collateral properties, mortgaged with the bank without their consent and utilised its proceeds for their own purpose while failing to deposit them in the lending bank. This misappropriation of funds caused loss to the government exchequer to the tune of Rs 33 crore” stated the FIR.