CBI books Chandigarh drug firm for Rs 1626.74 cr fraud

Chandigarh-based drug firm booked for Rs 1626.74 crore by CBI

According to the official, the private company was engaged in the manufacturing of drugs and allegedly defrauded the consortium of banks

Representative Image. Credit: iStock Photo

The CBI has booked top executives of Chandigarh-based Parabolic Drugs Ltd for allegedly defrauding a consortium led by Central Bank of India of Rs 1626.74 crore, officials said Friday.

Besides company’s Managing Director Paranav Gupta, the top agency has booked company directors Vineet Gupta, Deepali Gupta, Rama Gupta, Jagjit Singh Chahal, Sanjeev Kumar, Vandana Singla, Ishrat Gill, and its Guarantors TN Goyal and Nirmal Bansal, and one J D Gupta, an official said.

Following the registration of an FIR, the CBI on Friday conducted searches at 12 locations in Chandigarh, Panchkula, Ludhiana, Faridabad and Delhi at the office and residential premises of the accused, CBI Spokesperson RC Joshi said.

The raids resulted in recovery of incriminating documents, articles, and Rs 1.58 crore in cash, he said.

According to the official, the private company was engaged in the manufacturing of drugs and allegedly defrauded the consortium of banks through criminal conspiracy and forgery, and funneled loans it took for other uses. 

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