Rs 180 Crore Ozempic Fraud: LOC Issued Against Pharma Firm CEO

Ramancha, who described himself in court as a non-resident Indian (NRI) between July 2023 and July 2024, sought to have the FIR quashed but his plea was rejected. On August 11, his anticipatory bail petition was also dismissed by Additional Sessions Judge Saurabh Pratap Singh Laler.

The FIR states that between September 13 and December 15, 2023, Assure Global made seven payments amounting to $18.83 million (around Rs 156 crore) to Ramancha’s firms under two sale-purchase deeds. Despite assurances, the first consignment of 20,000 Ozempic units never arrived. Instead, according to investigators, the accused relied on bogus contracts, relabeled drugs, and notarised documents from Patiala House Court to lend legitimacy to the fraudulent transactions.

Police stated that multiple summons sent to Ramancha’s Goregaon West, Mumbai address were returned undelivered, and he also shifted addresses between court filings.

TIE reports that according to the Economic Offences Wing (EOW), “Ramancha had used notarised documents from Patiala House Court to lend legitimacy to fraudulent agreements.” The FIR further adds that the fraud was carried out through bogus sale-purchase deeds and the supply of fake or relabeled medicines. The complaint filed by Assure Global also names “an authorised representative (for Ramancha) residing in New Delhi.

Also Read: Orthopaedic Surgeon arrested for Rs 1.41 lakh gold fraud