The Enforcement Directorate (ED) has taken action against Chandigarh-based pharmaceutical company Parabolic Drugs Company. Apart from 24 immovable properties of the company, cash, luxury cars, mutual funds, FDR, bank balance have been attached. Whose total cost is said to be Rs 82.12 crore.
ED has taken this action under the Prevention of Money Laundering Act, 2002. All these attached properties were created through bank fraud. The accused have properties from Ambala, Sonipat in Haryana to Delhi and Gurgaon.
CBI had filed the case in 2021
CBI was the first to register a case in this case. After this ED started action on this. All these seized properties belong to the company owners Pranab Gupta, Vineet Gupta and their chartered accountant Surjit Kumar Bansal and his family. CBI had registered this case in 2021. After this, ED started its action in 2023. The company was accused of fraud by taking bank loan of Rs 1626 crore.
Loan taken from fake documents
According to the information, the agency told the court that both the directors of the company had taken this loan by cheating the bank on the basis of fake documents and had used the loan money to build their properties elsewhere. Bansal, through his chartered accountancy firm SK Bansal & Company, has issued false certificates to Parabolic Drugs Limited.