ED conducts raids against Chandigarh-based pharmaceutical company in Delhi-NCR, Punjab
The Enforcement Directorate (ED) today carried out searches at around a dozen locations in Delhi-NCR and Punjab as part of its money laundering probe against the Chandigarh-based pharmaceutical company and its promoters in connection with an alleged bank fraud case, officials said.
In this case, a raid was conducted against the company Parabolic Drugs in October.
The central agency had earlier arrested parabolic drugs promoters Vineet Gupta (54) and Pranav Gupta (56) and chartered accountant Surjit Kumar Bansal (74) under sections of the Prevention of Money Laundering Act (PMLA). Vineet and Pranav Gupta are also co-founders of Ashoka University, Sonipat, Haryana. He and the company were booked by the Central Bureau of Investigation (CBI) in 2021 for their alleged involvement in the Rs 1,626-crore bank loan fraud.
After this, both of them resigned from their posts in Ashoka University in 2022. The ED had registered a money laundering case against him in January last year.