CBI books Chandigarh pharma agency house owners in financial institution ‘fraud’ case

The CBI has booked Pranav Gupta and Vineet Gupta, house owners of a Chandigarh-based pharmaceutical firm, amongst others for alleged financial institution fraud to the tune of Rs 1,626.74 crore.

The case has been registered on a grievance from the Central Bank of India that Parabolic Drugs Ltd (PDL) and its promoters and administrators had cheated a consortium of banks led by the State Bank of India (SBI).

The CBI has alleged the Guptas used cast paperwork to get loans sanctioned and diverted the funds to different financial institution accounts, from the place they have been created belongings and private enrichment.

The CBI stated in an announcement, “It was alleged that the accused had cheated the consortium of banks to the tune of Rs 1,626.74 crore (approx) by criminal conspiracy, forgery, using forged documents knowing the same to be forged & availed loan funds.”

The accused then diverted funds, CBI said. The Guptas are amongst founders and trustees of Ashoka University.

In an announcement on Thursday, the college stated: “The CBI investigation of Parabolic Drugs and its Directors has nothing to do with Ashoka University. Any try to create a hyperlink is frivolous and deceptive. The University has over 200 founders and donors who’ve made private philanthropic contributions to Ashoka. Their particular person enterprise dealings and operations don’t have any connection to the University.

“In keeping with the high standards for governance at Ashoka, Vineet and Pranav Gupta have already voluntarily stepped down from all Boards and Committees of the University pending the CBI case and are cooperating fully with the investigations.”

The FIR was registered on December 29, 2021. The CBI subsequently carried out searches at 12 areas — together with Chandigarh, Panchkula, Ludhiana, Faridabad and Delhi — on the workplace and residential premises of the accused. CBI stated searches resulted in “recovery of incriminating documents, articles, cash” value Rs 1.59 crore.

The FIR alleged the duo “forged documents and submitted false supporting documents to induce banks to sanction credit facilities in favour of PDL and/or make payments to entities on behalf of PDL against fictitious transactions.”

According to the FIR, they “deployed devious tactics to mis-utilise funds and siphon/divert the said funds to avoid repayment and/or personally enrich themselves and thereby causing losses to the banks. Once funds were diverted to alternate non-Consortium Bank accounts, the said amounts were siphoned away by the Accused Persons into purchasing assets and/or to personally enrich themselves.”

The FIR has alleged their father, Jai Dev Gupta, was appointed non-official director of UCO Bank by the Union Finance Ministry in July 2008. But opposite to rules, Jai Dev allegedly didn’t declare he held shares value greater than Rs 5 lakh in PDL, which was getting credit score amenities from UCO Bank since 2002, the FIR said.

“Jai Dev Gupta did not do so with the intent of influencing financial decisions of UCO Bank in favour of PDL…in 2009, the credit limit of PDL was enhanced from INR 56 Crore to approximately INR 95 Crore. As a reward and incentive for ensuring enhancement of credit facilities, immediately thereafter, the value of share of Jai Dev Gupta in PDL was increased from INR 5,36,000 to INR 30,63,000,” the FIR alleged.

Besides the corporate; its MD, Pranav Gupta, and director, Vineet Gupta, different accused embrace PDL administrators Deepali Gupta, Rama Gupta, Jagjit Singh Chahal, Sanjeev Kumar, Vandana Singla, Ishrat Gill and J D Gupta; and guarantors T N Goyal and Nirmal Bansal, other than unknown public servants and personal individuals.

Vineet Gupta didn’t reply to calls made by The Indian Express. Messages despatched to him didn’t elicit any response.

Source

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