CBI Objects, Court Clears Foreign Trip for Accused in Rs 1,600-Cr Pharma Fraud Case
New Delhi: A special CBI court in Chandigarh has granted permission to Vineet Gupta, one of the accused in the alleged Rs 1,600-crore bank fraud case linked to Chandigarh-based pharmaceutical company Parabolic Drugs Ltd, to travel overseas for a family vacation.
According to the recent media report in Tribune India, Gupta has been allowed to visit France, the United States, Japan and Mexico between June 10 and July 20, 2026.
The order was passed by Special CBI Judge Bhawna Jain, who permitted the 56-year-old South Delhi resident to undertake the foreign trip despite objections raised by the Central Bureau of Investigation (CBI). The investigating agency had argued that the accused was involved in a major economic offence and there was a possibility that he might not return to India.
While allowing the plea, the court imposed several safeguards. Gupta has been directed to furnish an indemnity bond of Rs 50 lakh and deposit a fixed deposit receipt (FDR) worth Rs 15 lakh before the court. Gupta had also sought cancellation of the Look Out Circular (LOC) issued against him. During the hearing, the CBI informed the court that the LOC had already been withdrawn and was no longer operational since August 1, 2024.
The CBI opposed the application, contending that the case involved intricate financial transactions and the alleged diversion of loan funds by Parabolic Drugs Ltd. The agency maintained that the fraud, estimated at approximately Rs 1,600 crore, was a serious socio-economic offence and permitting foreign travel could jeopardize legal proceedings. It further argued that such travel might adversely affect the country's economic interests.
However, the court observed that the investigating agency had not presented any evidence suggesting that Gupta had previously attempted to evade the judicial process or interfere with the investigation. The court also took note of the fact that he had travelled abroad earlier with judicial approval and had complied with all conditions imposed on those occasions.
Citing the Supreme Court's ruling in Satish Chandra Verma versus Union of India, the court emphasized that the right to travel abroad forms an important component of personal liberty, family life and individual freedom. Consequently, the court found no sufficient grounds to reject the application.
As part of the conditions, Gupta has been instructed to provide his complete travel schedule, contact information, addresses of stay, mobile number and email details to the investigating officer. He must keep his mobile phone active throughout the journey, restrict his travel only to the countries approved by the court, return to India by July 20, and appear before the court on the next working day along with his passport.
The matter pertains to a CBI FIR registered on December 29, 2021, against Parabolic Drugs Ltd and its promoters and directors for allegedly defrauding an SBI-led consortium of banks of Rs 1,626.74 crore. The FIR named Managing Director Pranav Gupta, directors Vineet Gupta, Deepali Gupta, Rama Gupta, Jagjit Singh Chahal, Sanjeev Kumar, Vandana Singla, Ishrat Gill and JD Gupta, along with two guarantors.
Following the registration of the case, the CBI conducted searches at multiple premises across Chandigarh, Panchkula, Mohali, Ludhiana, Faridabad and Delhi, during which cash amounting to Rs 1.58 crore and several documents were reportedly recovered, reports Tribune India.
