In a significant development, the Enforcement Directorate (ED) initiated fresh searches at approximately twelve locations in Delhi-NCR and Punjab on Friday, as part of an ongoing money-laundering investigation targeting a prominent Chandigarh-based pharmaceutical company. The probe also extends to the company’s promoters, linked to an alleged bank fraud, according to official sources.
This recent round of searches comes after the initial investigation in October, when the ED conducted searches related to the pharmaceutical company in question, identified as Parabolic Drugs. The central agency’s intensified efforts are aimed at delving deeper into the suspected financial irregularities surrounding the company.
Earlier in the investigation, the ED had taken decisive action by arresting Vineet Gupta (54) and Pranav Gupta (56), the promoters of Parabolic Drugs. Notably, these individuals also co-founded Ashoka University, based in Sonepat. Additionally, CA Surjeet Kumar Bansal (74) was apprehended under the Prevention of Money Laundering Act (PMLA).
The Gupta duo had resigned from their positions at Ashoka University in 2022 following a case registered by the Central Bureau of Investigation (CBI) in 2021. The case implicated them and the pharmaceutical company in an alleged bank loan fraud amounting to ₹1,626 crore.
The ED’s involvement in the matter stems from the initiation of a money-laundering case against the Gupta promoters in January of the preceding year. The multi-agency investigation aims to untangle the complex web of financial transactions and potential fraudulent activities, shedding light on the alleged financial improprieties involving Parabolic Drugs.
As the ED intensifies its scrutiny, the latest searches mark a significant step in the ongoing efforts to bring clarity to the financial intricacies surrounding the pharmaceutical company and its promoters. The case underscores the collaborative approach of investigative agencies in addressing financial irregularities and potential malfeasance in the corporate sector.
