The Enforcement Directorate (ED) has attached assets, including 24 immovable properties worth ₹82.12 crore, in connection with the alleged bank fraud case involving Parabolic Drugs Limited, its directors and others.
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“These attached properties are relatable to the Proceeds of Crime (PoC) as acquired by Pranav Gupta, Vineet Gupta, Chartered Accountant Surjeet Kumar Bansal, their family members, and others, under the Prevention of Money Laundering Act (PMLA),” the agency said on March 27.
The ED’s probe is based on a First Information Report (FIR) registered by the Central Bureau of Investigation (CBI) in 1988 against Parabolic Drugs Ltd., its promoter-directors Mr. Pranav and Mr. Vineet, and others.
According to the ED, from 2009 to 2014, the company, its directors, unknown public servants, and private persons, caused a wrongful loss of about ₹1,626.70 crore to the Central Bank of India, and other banks and financial institutions.
The agency had earlier conducted searches on various premises of those involved, and entry operators in Chandigarh, Ambala, Panchkula, Sonepat, Mumbai, and Delhi. “Subsequently, Pranav Gupta, Vineet Gupta, and S.K. Bansal, CA of Parabolic Drugs Limited, were arrested under PMLA...prosecution complaint has also been filed against Parabolic Drugs Limited, Pranav Gupta, Vineet Gupta and S.K. Bansal on December 26, 2023...,” the ED said, adding that the special court concerned had taken cognisance of the prosecution’s complaint in February 2024.