Pharma Firm, Director Under ED Lens Over Alleged Rs 60 Crore PNB Fraud
New Delhi: As a part of an alleged multi-crore bank fraud, the Directorate of Enforcement (ED), Chandigarh, has begun investigating Ankur Drugs and Pharma Limited, a pharmaceutical company based in Mumbai, and one of its directors, Giriraj Vijayvargiya, for allegedly defrauding Punjab National Bank (PNB) of more than Rs 60 crore.
The action follows after the Chandigarh Central Bureau of Investigation (CBI) filed a formal complaint (FIR) against the firm for allegedly defrauding Punjab National Bank (PNB) of Rs 60 crore two years ago, according to The Indian Express report.
The allegations stem from a 2009 loan arrangement in which the company reportedly sought a Rs 50 crore short-term loan and a Rs 30 crore term loan to expand its manufacturing unit in Baddi, Himachal Pradesh. PNB eventually sanctioned loans totaling around Rs 60 crore. However, by 2012, the account had turned into a non-performing asset (NPA) with dues exceeding the sanctioned amount.
Also Read: Money Laundering Case: Pharma Properties Worth Rs 185 Crore Attached By ED
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