The Enforcement Directorate (ED) on Saturday arrested two promoters and a chartered accountant of Chandigarh-based pharma company Parabolic Drugs in connection with its money laundering probe into a ₹1,626.74-crore bank fraud case, people familiar with the matter said. Those arrested have been identified as company promoters Pranav Gupta and Vineet Gupta and CA SK Bansal.
Officials cited above said Guptas and Bansal were taken into custody following several hours of questioning. The three accused were produced before a special court in Chandigarh, which sent them to five-day ED custody.
The development comes a day after ED raids were carried out at 17 locations in Delhi, Mumbai, Chandigarh, Panchkula and Ambala in connection with a Prevention of Money Laundering Act (PMLA) case registered by ED.
The ED case stems from a 2021 FIR registered by the Central Bureau of Investigation (CBI) against the company and Guptas among others, the people said. The CBI booked them in December 2021 for allegedly defrauding a consortium led by Central Bank of India of ₹1,626.74 crore. It subsequently raided their premises.
In its complaint to the CBI, the bank alleged that the modus operandi of the fraud perpetrated by the accused involved in obtaining credit facilities from the banks based on fictitious documents and then misusing the funds. It was also alleged that once the funds were diverted to alternate non-consortium bank accounts, they were siphoned off by the accused for purchasing assets and/or to enrich themselves, thereby causing losses to the banks.
{{/usCountry}}In its complaint to the CBI, the bank alleged that the modus operandi of the fraud perpetrated by the accused involved in obtaining credit facilities from the banks based on fictitious documents and then misusing the funds. It was also alleged that once the funds were diverted to alternate non-consortium bank accounts, they were siphoned off by the accused for purchasing assets and/or to enrich themselves, thereby causing losses to the banks.
{{/usCountry}}