CBI chargesheets former Allahabad High Court Judge SN Shukla in corruption case

Express News Service

NEW DELHI: The CBI has booked top executives of Chandigarh-based Parabolic Drugs Ltd for allegedly defrauding a consortium led by the Central Bank of India of Rs 1626.74 crore, officials said Friday.

Besides the company’s Managing Director Pranav Gupta, the top agency has booked company directors Vineet Gupta, Deepali Gupta, Rama Gupta, Jagjit Singh Chahal, Sanjeev Kumar, Vandana Singla, Ishrat Gill, and its Guarantors TN Goyal and Nirmal Bansal, and one JD Gupta, an official said.

Following the registration of an FIR, the CBI on Friday conducted searches at 12 locations in Chandigarh, Panchkula, Ludhiana, Faridabad and Delhi at the office and residential premises of the accused, CBI Spokesperson RC Joshi said.

The raids resulted in the recovery of incriminating documents, articles, and Rs 1.58 crore in cash, he said.

According to the official, the private company was engaged in the manufacturing of drugs and allegedly defrauded the consortium of banks through criminal conspiracy and forgery, and funnelled loans.

CBI spokesperson RC Joshi said that the agency registered a case on the complaint received from the Central Bank of India and other member banks against a Chandigarh-based private company and its managing director, directors, guarantors and unknown public servants. The firm had allegedly defrauded the banks to the tune of Rs 1626.74 crore. 

The accused private company was engaged in the manufacturing of drugs and duped the consortium of banks through criminal conspiracy and forgery

The accused of the case are M/S Parabolic Drugs Limited, Pranav Gupta (MD), Vineet Gupta (director), Deepali Gupta (director), Rama Gupta (director), Jagjit Singh Chahal (director), Vandana Singla (director), Ishrat Gill (director), JD Gupta, TN Goyal, Nirmal Bansal, some unknown public servants and private persons.