New Delhi [India], March 27 : The Directorate of Enforcement (ED) has attached 24 immovable and movable properties totalling Rs 82.12 crore in the bank fraud case of Parabolic Drugs Limited, the agency said on Wednesday.
The properties are in the form of cash, luxury cars, mutual funds, Fixed Deposit Receipts, bank balances. The properties were attached under the Prevention of Money Laundering Act (PMLA).
ED's Chandigarh unit attached these properties 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 PMLA.
ED initiated investigation on the basis of First Information Report (FIR) registered by the CBI under various sections of Indian Penal Code, 1860 and Prevention of Corruption Act, 1988 against Parabolic Drugs Ltd, its promoter directors Pranav Gupta, Vineet Gupta and others.
ED said its investigation revealed that during the period from 2009 to 2014, Parabolic Drug Ltd, its directors and other unknown public servants and private persons caused wrongful loss to the extent of Rs 1,626.7 crore to the Central Bank of India, other banks and financial institutions.
Earlier, in the instant case, searches were conducted at various premises under the PMLA, 2002 against Parabolic Drugs Limited, their directors, key functionaries, beneficiaries of PoC and entry operators located in Chandigarh, Ambala, Panchkula, Sonepat, Mumbai and Delhi on October 27, 2023 and December 15, 2023.
The searches resulted in seizure of various movable and immovable assets, digital devices and other incriminating documents.
Subsequently, Pranav Gupta, Vineet Gupta and SK Bansal, CA of Parabolic Drugs Limited were arrested under PMLA, 2002. Prosecution Complaint (PC) has also been filed against Parabolic Drugs Limited, Pranav Gupta, Vineet Gupta and SK Bansal on December 26, 2023 before the Special Court (PMLA), Chandigarh and the Special Court has also taken cognizance of the offence on February 3 this year.
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