The Enforcement Directorate (ED) in Chandigarh has attached immovable and movable assets to the extent of Rs. 82.12 Crores in the ongoing bank fraud case involving Parabolic Drugs Limited, involving assets believed to be linked to the proceeds of crime (PoC) acquired by individuals including Pranav Gupta, Vineet Gupta, and Chartered Accountant Surjeet Kumar Bansal, along with their family members and others, under the Prevention of Money Laundering Act (PMLA), 2002.
On 24th March 2024, the ED provisionally attached 24 immovable properties along with various movable assets such as cash, luxury cars, mutual funds, fixed deposits, and bank balances, amounting to approximately Rs. 82.12 crore.
The investigation by the ED was initiated following an FIR registered by the Central Bureau of Investigation (CBI) under various sections of the Indian Penal Code (IPC), 1860, and the Prevention of Corruption Act, 1988, against M/s. Parabolic Drugs Ltd., its promoter directors Pranav Gupta, Vineet Gupta, and others.
During the period from 2009 to 2014, the investigation uncovered that M/s. Parabolic Drug Ltd., its directors, along with unidentified public servants and private individuals, caused a wrongful loss amounting to Rs. 1626.7 crore to the Central Bank of India, as well as other banks and financial institutions.
Earlier in the case, the ED conducted searches at multiple locations under the PMLA, 2002, against M/s. Parabolic Drugs Limited, their directors, key functionaries, beneficiaries of the proceeds of crime, and entry operators situated in Chandigarh, Ambala, Panchkula, Sonepat, Mumbai, and Delhi on 27th October 2023 and 15th December 2023. These searches resulted in the seizure of various movable and immovable assets, digital devices, and other incriminating documents.
Following these developments, Pranav Gupta, Vineet Gupta, and S.K. Bansal, the Chartered Accountant of M/s. Parabolic Drugs Limited, were arrested under the PMLA, 2002. A Prosecution Complaint (PC) was also filed against M/s. Parabolic Drugs Limited, Pranav Gupta, Vineet Gupta, and S.K. Bansal on 26th December 2023 before the Hon’ble Special Court (PMLA) in Chandigarh. The Special Court took notice of the offense on 3rd February 2024.
The ED investigation into this matter is currently ongoing, indicating that more developments may arise as the case progresses.
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