Bank fraud: ED arrests 2 promoters, CA of Parabolic Drugs in money laundering case

New Delhi, October 28, 2023

The Enforcement Directorate on Saturday arrested two promoters of Chandigarh-based pharma company Parabolic Drugs and a company CA in a money laundering investigation linked to an alleged bank fraud, official sources said.

Parabolic promoters Vineet Gupta and Pranav Gupta and Chartered Accountant S K Bansal were taken into custody under the provisions of the Prevention of Money Laundering Act (PMLA), they said.

The Guptas are the co-founders of Sonepat-based Ashoka University but had stepped down from their posts in 2022 at the educational institution after the CBI registered a case against them and the company in 2021.

The three are expected to be produced before a special PMLA court in Chandigarh where the ED will seek their custody.

The money laundering case stems from a CBI FIR in which the promoters and the pharma company were booked for allegedly defrauding a consortium led by Central Bank of India of Rs 1626.74 crore.

[Deccan Herald]