New Delhi: Pranav Gupta and Vineet Gupta, directors of Chandigarh-based Parabolic Drugs were actively and directly involved in generation, layering and siphoning of proceeds of crime by way of availing bank finances by illegally inflating the value of primary security against which drawings were allowed by the bank, the Enforcement Directorate (ED) probe has revealed.
Pranav Gupta, Vineet Gupta and SK Bansal, a CA, were arrested on October 28.
The court remanded them to ED custody till November 2, which has been further extended to November 4.
The ED had conducted searches at 20 locations in Chandigarh, Panchkula, Sonepat and Delhi in a bank fraud case involving Rs 1,626.7 crore against Parabolic Drugs Limited, Chandigarh and recovered movable and immovable assets to the tune of Rs 114 crore.
The ED in a statement said that it carried out searches under the Prevention of Money Laundering Act on October 27 and also recovered the digital devices and various incriminating documents besides the moveable abd imoveable properties worth Rs 114 crore.
In a statement, the financial probe agency said that its investigation revealed that during the period 2009 to 2014, Parabolic Drug Ltd., its Directors and others defrauded the Central Bank of India and other consortium banks.
“Vineet Gupta and Pranav Gupta were actively and directly involved in generation, layering and siphoning of proceeds of crime by way of availing bank finances by illegally inflating the value of primary security against which drawings were allowed by the bank,” the ED said.
It also said that under their command and control, the loan funds were diverted and fraudulently rotated through their group companies and various shell companies.
The ED said that its probe revealed that Pranav Gupta and Vineet Gupta and Parabolic Drugs Limited defrauded the Banks by availing loans or financial facilities based upon forged and fabricated documents.
“SK Bansal, CA was their statutory auditor during the period of offence. He assisted Pranav Gupta and Vineet Gupta in illegally changing colour of the loan funds from liabilities to assets by way of circuitous transactions,” the agency said.
“Bansal intentionally concealed crucial financial facts from lending banks and also issued false certificates for obtainingloans,” the ED claimed.
The ED registered a money laundering case on the basis of FIR registered by CBI against Parabolic Drugs Ltd, its promoter directors Pranav Gupta, Vineet Gupta and others. Pranav and Vineet Gupta were also co-founders of Ashoka University.
–IANS