Pharma Co founders charged by CBI for alleged Rs 1626 crore fraud

New Delhi: Ashoka University co-founders Vineet Gupta and Pranav Gupta have been charged by the CBI for an alleged swindle of rupee 1,626 crore involving their Chandigarh-based pharmaceutical company Parabolic Drugs.

Following the registration of an FIR, the CBI conducted searches last Friday at the office and residential premises of the accused at 12 locations in Chandigarh, Panchkula, Ludhiana, Faridabad and Delhi. According to the agency, the accused have cheated a consortium of banks "by criminal conspiracy, forgery, using forged documents knowing the same to be forged and availed the loan funds and thereafter, diverted the same"

Incriminating documents, articles and ₹ 1.58 crore cash were found in the raids, the CBI says

The Central Bureau of Investigation (CBI) has charged the Gupta brothers with an alleged swindle of Rs 1,626 crore involving their Chandigarh-based pharmaceutical company, Parabolic Drugs. A case has been registered against the company, Pranav Gupta, Vineet Gupta, and 10 others.

Parabolic Drugs  promoted by the Gupta brothers, was set up in 1996. It manufactures drugs and drugs intermediaries. According to its website, it has four large scale facilities, three state of the art manufacturing plants at Derabassi, Chachhrauli and Panchkula for over 50 API and API intermediates across antibiotics and non 96 antibiotic therapies and a Custom Synthesis and R&D centre at Barwala, Haryana.