Bank fraud case: ED raids pharma company, promoters in money laundering probe
New Delhi (PTI): The Enforcement Directorate on Friday carried out raids at multiple premises of Chandigarh-based pharmaceutical company Parabolic Drugs and its promoters as part of a money laundering investigation linked to an alleged bank loan fraud case, official sources said.
The searches by the central agency covered a total of 17 premises in Delhi, Mumbai, Chandigarh and Panchkula and Ambala in Haryana, they said.
The action is being undertaken under the provisions of the Prevention of Money Laundering Act (PMLA) and the ED case stems from a 2021 CBI FIR against the company and its promoters Vineet Gupta and Pranav Gupta among others, the sources said.
The agency, as per the sources, is also looking at some documents from Sonepat-based Ashoka University as Vineet Gupta and Pranav Gupta have been associated with the educational institution in the past.
The two had stepped down from all the boards and committees of the university in 2022, days after the CBI action.
The University said that the "Enforcement Directorate has sought information in the matter of investigations into the case of Parabolic Drugs where Ashoka University founders, Vineet Gupta and Pranav Gupta are directors."
"Ashoka University reiterates that Parabolic Drugs is in no way linked to Ashoka University. Ashoka University has no past or current relationship with Parabolic Drugs, the company being investigated, and any attempt to create a link is without any basis and misleading."
"Vineet and Pranav Gupta are two among the more than 200 founders and donors of Ashoka University, who have contributed to Ashoka's creation and growth in their personal philanthropic capacity and whose individual businesses have absolutely no bearing on the university," it said in a statement.
The CBI had booked the top executives of the company in December, 2021 for allegedly defrauding a consortium led by Central Bank of India of Rs 1626.74 crore. It had subsequently raided their premises also.
Besides the managing director Paranav Gupta, the CBI booked a number of company directors like Vineet Gupta, Deepali Gupta, Rama Gupta, Jagjit Singh Chahal, Sanjeev Kumar, Vandana Singla, Ishrat Gill, and its guarantors TN Goyal and Nirmal Bansal, and one J D Gupta.
According to CBI officials, the private company was engaged in manufacturing drugs and allegedly defrauded the consortium of banks through criminal conspiracy and forgery, and funnelled loans it took for other uses.
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Rain wreaks havoc in Bengaluru, kills 10
Bengaluru (PTI):The rains in Bengaluru on Wednesday evening wreaked havoc, killing 10 people, authorities said.
Heavy rains coupled with a hailstorm and gusty winds uprooted trees, flooded many key stretches and threw traffic out of gear, they said on Thursday.
Large parts of the city witnessed sudden, intense rainfall for nearly an hour, bringing down trees and electric poles, crushing parked vehicles and inundating low-lying areas, while several roads were rendered impassable, severely disrupting vehicular movement during peak hours.
Seven people, including a six-year-old girl, were killed when a compound wall of the Bowring and Lady Curzon Hospital collapsed amid the downpour.
Among the deceased, two were from Kerala who were on a study tour. They had taken shelter near the wall when it gave way, they said.
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In another incident, a 35-year-old man, identified as Raghu, died of electrocution on Bannerghatta Road near Vega City Mall.
In a separate case in Yarab Nagar, a student, Syed Sufiyan died after coming into contact with a live electric wire while attempting to park his motorcycle during the rain, police said.
One more fatality was reported from Chamarajapet, where Manjunath died on the spot after a cement block fell and pierced through the roof of a house during the storm.
The sudden spell of rain left a trail of destruction across the city.
“So far, 10 people have died due to rain-related incidents in Bengaluru,” police said, attributing the deaths to wall collapse, electrocution and structural damage triggered by the storm.
Civic authorities said at least 87 trees were uprooted and 131 branches snapped across the city, disrupting daily life.
Of these, 60 trees and 98 branches had been cleared, while restoration work was ongoing.
Several cars and two-wheelers parked along roadsides were crushed under fallen trees.
Key junctions and underpasses were waterlogged, with the KR Circle underpass completely submerged, forcing police to barricade the stretch due to lack of drainage.
Fallen branches and stalled vehicles further worsened traffic congestion, leaving commuters stranded for hours.
Officials said buildings suffered partial damage in several areas, while the sudden and unanticipated nature of the storm caught many residents off guard. Authorities have issued a rain alert for the next three days.
