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

Meghna A SinghaniaBy Meghna A SinghaniaPublished On 2022-01-08T11:01:39+05:30  |  Updated On 2022-01-09T12:23:23+05:30
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,...

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.

According to the CBI, the two brothers would forge documents to secure loan from the State Bank of India, UCO Bank, State Bank of Patiala, ICICI Bank, IDBI Bank, State Bank of Hyderabad, Central Bank of lndia, Union Bank of India, Bank of Baroda, Exim Bank, Canara Bank and SIDBI

Complaint was filed by Central Bank of India with the CBI after the company defaulted on repayment since 2012.

"The company availed bank finance by overstating the value of primary security against which drawings were allowed by the bank," says the complaint.

"After having conspired to induce the banks to sanction the funds under the cover of their business needs, the accused deployed devious tactics to mis-utilise the funds and siphon/divert the said funds to avoid repayment and/or personally enrich themselves and thereby causing losses to the banks," it says.

The Bank classified the accounts of Parabolic Drugs as "Non Performing Assets". The Central Bank of India followed soon after.


ashoka university Parabolic Drugs pranav gupta vineet gupta CBI 
Meghna A Singhania
Meghna A Singhania
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