In the bank fraud case of Parabolic Drugs Limited, the Directorate of Enforcement (ED), Chandigarh, has temporarily attached 24 immovable properties and other moveable goods in the shape of cash, luxury cars, mutual funds, FDRs, and bank balances, all totalling to around Rs. 82.12 Crore. The properties that are attached are related to the Proceeds of Crime (PoC) that were obtained by Vineet and Pranav Gupta, as well as Surjeet Kumar Bansal, a chartered accountant, and their relatives, in accordance with the Prevention of Money Laundering Act (PMLA), 2002.
Based on a formal complaint (FIR) filed by the CBI under certain sections of the IPC, 1860, and the Prevention of Corruption Act, 1988, the ED began an investigation into M/s. Parabolic Drugs Ltd., its promoter directors, Vineet and Pranav Gupta, and other individuals.
According to an ED probe, M/s. Parabolic Drug Ltd., its Directors, and other unidentified public workers and private individuals caused the Central Bank of India, other banks, and financial institutions to suffer unjust losses totalling Rs. 1626.7 Crore between 2009 and 2014.
Previously, on October 27, 2023, and December 15, 2023, searches under the PMLA, 2002 were carried out at a number of locations in the present case against M/s. Parabolic Drugs Limited, their directors, important employees, beneficiaries of PoC, and entry operators situated in Chandigarh, Ambala, Panchkula, Sonepat, Mumbai, and Delhi. Various movable and immovable assets, digital gadgets, and other incriminating papers were seized as a consequence of the searches. Afterwards, under the PMLA, 2002, Pranav Gupta, Vineet Gupta, and S.K. Bansal, CA of M/s Parabolic Drugs Limited were taken into custody.
The Hon’ble Special Court (PMLA), Chandigarh, received a Prosecution Complaint (PC) on December 26, 2023, against M/s. Parabolic Drugs Limited, Pranav Gupta, Vineet Gupta, and S.K. Bansal. On February 3, 2024, the Hon’ble Special Court took notice of the offence. Additional research is currently being conducted.
