Chandigarh: The Directorate of Enforcement (ED) has taken a significant step in its ongoing investigation, filing a Prosecution Complaint (PC) under the Prevention of Money Laundering Act (PMLA), 2002 against M/s Parabolic Drugs Limited and its directors, Pranav Gupta, Vineet Gupta, along with Chartered Accountant Surjeet Kumar Bansal. The Hon’ble Special Court in Chandigarh has acknowledged the PC on 3rd February 2024.
The ED’s investigation stems from an FIR registered by the Central Bureau of Investigation (CBI) against M/s Parabolic Drugs Ltd., its promoter directors, and others under various sections of the Indian Penal Code, 1860, & the Prevention of Corruption Act, 1988.
Revelations from the ED investigation indicate that between 2009 and 2014, M/s Parabolic Drug Ltd., its directors, and other unidentified public servants and private individuals allegedly caused a wrongful loss of Rs.1626.7 Crore to the Central Bank of India, as well as other banks and financial institutions.
In the course of the investigation, ED conducted searches at 29 premises under the PMLA against M/s Parabolic Drugs Limited, their directors, key functionaries, beneficiaries of proceeds of crime, and entry operators in locations including Chandigarh, Ambala, Panchkula, Sonepat, Mumbai, and Delhi on 27th October 2023 and 15th December 2023. The searches yielded recoveries of movable and immovable assets totaling approximately Rs. 114 Crores, digital devices, and other incriminating documents.
Subsequently, Pranav Gupta, Vineet Gupta, and S.K. Bansal CA of M/s Parabolic Drugs Limited were arrested under Section 19 of the PMLA, 2002. The ED’s actions underscore a commitment to investigating and prosecuting financial crimes to maintain the integrity of the financial system.
