Chandigarh, October 27
The Enforcement Directorate (ED) carried out raids on multiple premises of Chandigarh-based pharmaceutical company Parabolic Drugs and its promoters Vineet Gupta and Pranav Gupta as part of a money laundering investigation linked to an alleged bank loan fraud case.
17 premises searched
- The searches covered over 17 premises of Parabolic Drugs and its promoters in Delhi, Mumbai, Chandigarh, Panchkula and Ambala
- Case stems from a 2021 CBI FIR against firm and its promoters Vineet Gupta and Pranav Gupta, earlier linked to Ashoka University, Sonepat
The searches by the central agency covered over 17 premises in Delhi, Mumbai, Chandigarh, Panchkula and Ambala. According to sources, the action is being taken under the provisions of the Prevention of Money Laundering Act (PMLA). The ED case stems from a 2021 CBI FIR against the company and its promoters Vineet Gupta and Pranav Gupta among others.
The agency is also looking for some documents from Sonepat-based Ashoka University as Vineet Gupta and Pranav Gupta have been associated with the educational institution in the past. The two had stepped down from all boards and committees of the university in 2022, days after the CBI action. The institute had then denied any link to the case.
The CBI had booked the top executives of the company in December 2021 for allegedly defrauding a consortium led by the Central Bank of India of Rs 1,626.74 crore. It had subsequently raided their premises also.
Besides managing director Paranav Gupta, the CBI booked a number of company directors like Vineet Gupta, Deepali Gupta, Rama Gupta, Jagjit Singh Chahal, Sanjeev Kumar, Vandana Singla, Ishrat Gill and its guarantors TN Goyal and Nirmal Bansal, besides JD Gupta.
Besides Parabolic Drugs, Pranav Gupta, an alumnus of the University of Kansas, is the co-founder and trustee of Ashoka University and Plaksha University, according to his Linkedin profile. Vineet Gupta, an alumnus of the IIT-Delhi who graduated in 1991, has an entrepreneurial career spanning 30 years.
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