ED searches over a dozen locations in Parabolic Drugs money laundering case

New Delhi, Dec 15 The Enforcement Directorate (ED) on Friday is carrying out searches at over a dozen locations in Punjab and Delhi in connection with Rs 1,626 crore Parabolic Drugs money laundering case.

According to ED sources, the searches began on Friday morning in connection to the case involving Pranav Gupta and Vineet Gupta's company aPrabolic Drugs Pharma Ltd.

Senior officials have however, remained tightlipped on the issue.

The Guptas were also the co-founders at the Ashoka University and had last year stepped down.

The ED case is based on a CBI FIR against the Chandigarh-based Parabolic Drugs for allegedly defrauding a consortium led by the Central Bank of India (CBI) of Rs 1,626.74 crore.

Among those booked were Pranav and Vineet Gupta.

While Pranav Gupta serves as the Managing Director of Parabolic Drugs, Vineet is one of the directors of the firm.

Others booked by the CBI include directors Deepali Gupta, Rama Gupta, Jagjit Singh Chahal, Sanjeev Kumar, Vandana Singla, Ishrat Gill;, and the firm's guarantors T.N. Goyal and Nirmal Bansal; and J.D. Gupta.

According to CBI officials, the firm was engaged in the manufacturing of drugs.

It allegedly defrauded the consortium of banks through criminal conspiracy and forgery, and funneled loans it took for other uses.

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