Rs 180 Crore Ozempic Fraud: LOC Issued Against Pharma Firm CEO
Fraud
New Delhi: Delhi Police has issued a lookout circular (LOC) against Vicky Ramancha, Chief Executive Officer (CEO) of a pharmaceutical company, for allegedly duping a US-based firm of over Rs 180 crore in a fraudulent Ozempic supply deal.
According to a recent media report in The Indian Express, officials said Ramancha misled Assure Global LLC, an American company, by projecting his political connections and government links in India to gain their confidence. The LOC was issued last week.
The case dates back to July 2023, when Ramancha’s subsidiary, R & R Global Procurement Corporation, signed an agreement with Assure Global to supply 1.25 lakh doses of Ozempic, allegedly sourced from China. However, Ozempic—an injectable semaglutide drug prescribed for Type-2 diabetes—is manufactured exclusively by Novo Nordisk in Denmark.
Assure Global initially filed a complaint with Delhi Police in August 2024, but with no action taken for several months, the company approached Patiala House Court through advocate Namit Saxena. On May 29, 2025, the court directed that an FIR be registered within 24 hours. Following this order, on June 3, police registered a case against Ramancha under Sections 420 (cheating), 406 (criminal breach of trust), and 120B (criminal conspiracy) of the IPC.
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.
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