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The Hindu
The Hindu
National
The Hindu Bureau

Parabolic Drugs case: ED recovers assets worth ₹114 crore

ED the Enforcement Directorate

The Enforcement Directorate (ED) searches in the ₹1,626.74-crore bank loan fraud case against Parabolic Drugs Limited and others have resulted in the seizure of assets worth about ₹114 crore.

On October 29, the agency arrested the company’s directors Pranav Gupta and Vineet Gupta and Chartered Accountant S.K. Bansal, following the searches initiated on October 27 at 20 locations in Chandigarh, Panchkula, Sonepat and Delhi.

The money laundering probe is based on a case registered by the Central Bureau of Investigation (CBI) in December 2021, in which Parabolic Drugs Limited and 11 others have been accused of cheating a consortium of 12 banks. The Guptas are among those listed as accused.

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