Chandigarh: The Enforcement Directorate (ED) on Saturday arrested two promoters of a pharma company based in Chandigarh and a chartered accountant of the same firm in connection with a money laundering probe.
The arrested persons have been identified as Vineet Gupta and Pranav Gupta, promoters of Parabolic Drugs Limited, and Siddharth Mohanty, a chartered accountant with the firm.
The ED is investigating a case of money laundering linked to an alleged bank loan fraud of over Rs 1,000 crore. The agency alleges that the promoters of Parabolic Drugs Limited siphoned off funds from the company and laundered them through various shell companies.
The ED had earlier conducted raids at the offices and residences of the promoters of Parabolic Drugs Limited and seized incriminating documents. The agency also attached assets worth over Rs 500 crore belonging to the promoters.
The arrest of the promoters of Parabolic Drugs Limited and their chartered accountant is a significant development in the money laundering probe. The ED is expected to make more arrests in the case in the coming days.
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Vineet Gupta and Pravan Gupta co-founded the famous Ashoka University. They stepped down from their respective post in 2022 after CBI registered a case against them and their pharma company in 2021. CBI had accused the promoters and the pharma company of defrauding a consortium of banks led by the Central Bank of India of Rs. 1626.74 crores.
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