Home / News / India /  CBI books Chandigarh based drug firm 1626.74 crore fraud
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CHANDIGARH : Executives of Parabolic Drugs Ltd, a Chandigarh based firm has been booked by CBI for allegedly defrauding a consortium led by Central Bank of India of 1626.74 crore

The FIR was followed by searches conducted by CBI at twelve places in Chandigarh, Panchkula, Ludhiana, Faridabad and Delhi including the offices and residential premises of those accused, CBI Spokesperson RC Joshi confirmed. 

The top investigative agency has booked company directors Vineet Gupta, Deepali Gupta, Rama Gupta, Jagjit Singh Chahal, Sanjeev Kumar, Vandana Singla, Ishrat Gill, and its Guarantors TN Goyal and Nirmal Bansal, Managing Director Paranav Gupta, and one J D Gupta.

The raids resulted in recovery of incriminating documents, articles, and 1.58 crore in cash.

According to the official, the private company was engaged in the manufacturing of drugs and allegedly defrauded the consortium of banks through criminal conspiracy and forgery, and funneled loans it took for other uses.

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