24, February, 2024
HomeIndiaED Conducts Raids on Chandigarh Pharma Firm and Promoters in Money Laundering Probe

ED Conducts Raids on Chandigarh Pharma Firm and Promoters in Money Laundering Probe

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In a significant development, the Enforcement Directorate (ED) has conducted raids on multiple premises associated with the Chandigarh-based pharmaceutical company, Parabolic Drugs, and its promoters, Vineet Gupta and Pranav Gupta. These actions are part of a rigorous investigation into alleged money laundering activities linked to a bank loan fraud case.

The sweeping searches carried out by the central agency encompassed more than 17 locations, including sites in Delhi, Mumbai, Chandigarh, Panchkula, and Ambala. According to reliable sources, these actions are taken in accordance with the provisions of the Prevention of Money Laundering Act (PMLA). The ED’s case is rooted in a 2021 FIR filed by the Central Bureau of Investigation (CBI) against the pharmaceutical company and its promoters, Vineet Gupta and Pranav Gupta, among others.

Furthermore, the agency is actively seeking specific documents related to Sonepat-based Ashoka University, as both Vineet Gupta and Pranav Gupta have had past affiliations with the educational institution. It is noteworthy that the two individuals had disassociated themselves from all boards and committees of the university in 2022, shortly after the CBI initiated its actions. The institute had categorically denied any involvement in the case.

The CBI’s investigation, which began in December 2021, pertains to the alleged defrauding of a consortium led by the Central Bank of India, amounting to Rs 1,626.74 crore. Subsequently, the CBI had conducted searches at their premises.

Among those named in the CBI case are Managing Director Pranav Gupta and a cadre of company directors, including Vineet Gupta, Deepali Gupta, Rama Gupta, Jagjit Singh Chahal, Sanjeev Kumar, Vandana Singla, Ishrat Gill, as well as the guarantors TN Goyal and Nirmal Bansal, in addition to JD Gupta.

Aside from their roles at Parabolic Drugs, Pranav Gupta, an alumnus of the University of Kansas, is recognized as the co-founder and trustee of Ashoka University and Plaksha University, as indicated on his LinkedIn profile. Vineet Gupta, an alumnus of IIT-Delhi, with a graduation year of 1991, boasts a career spanning three decades in entrepreneurship.

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