The Enforcement Directorate (ED) searches in the ₹1,626.74-crore bank loan fraud case against Parabolic Drugs Limited and others have resulted in the seizure of assets worth about ₹114 crore.
On October 29, the agency arrested the company’s directors Pranav Gupta and Vineet Gupta and Chartered Accountant S.K. Bansal, following the searches initiated on October 27 at 20 locations in Chandigarh, Panchkula, Sonepat and Delhi.
The money laundering probe is based on a case registered by the Central Bureau of Investigation (CBI) in December 2021, in which Parabolic Drugs Limited and 11 others have been accused of cheating a consortium of 12 banks. The Guptas are among those listed as accused.
According to the ED, from 2009 to 2014, Parabolic Drugs, its directors and others cheated the consortium of banks by getting loans on the basis of inflated value of primary security. The loan funds were allegedly diverted and fraudulently rotated through their group companies and various shell companies.
