Chandigarh based pharma firm booked for Rs 1626.74 crore fraud by CBI

As per details, booked suspects were identified as the company’s managing director, Pranav Gupta, and its Directors, Vineet Gupta, Deepali Gupta, Rama Gupta, Jagjit Singh Chahal, Sanjeev Kumar, Vandana Singla, Ishrat Gill, and JD Gupta. Two guarantors, identified as TN Goyal and Nirmal Bansal, were also named in the FIR.

Sources said the corporate office of the pharmaceutical company is in Sector 8, Chandigarh. The manufacturing units are situated in Barwala, industrial area phase-2 in Panchkula, and near Derabassi in Mohali. Sources added that the booked suspects have been asked to join the investigation. SBI officials have submitted all the relevant records related to the loan proceedings.

Sources said that in a complaint to the CBI, the SBI management has alleged that M/s Parabolic Drugs Ltd cheated the consortium of banks to the tune of Rs. 1626.74 crore (approx) by criminal conspiracy, forgery, using forged documents knowing the same to be forged & availed the loan funds and thereafter diverted the same.

The CBI said six teams of have been constituted and they have searched at least 12 locations, including those offices and residential premises of teh suspects in Chandigarh, Panchkula, Ludhiana, Faridabad and Delhi. A bunch of incriminating documents, articles, cash to the amount of Rs. 1,58,96,000 was recovered. The CBI also said many of the suspects were questioned but nobody was arrested.