ED Raids Parabolic Drugs and Promoters in Money Laundering Probe
- Chandigarh-based pharmaceutical company Parabolic Drugs and its promoters Vineet Gupta and Pranav Gupta were raided by the Enforcement Directorate (ED) on Friday in a money laundering investigation linked to an alleged bank loan fraud case.
- Over 17 premises of Parabolic Drugs and its promoters in Delhi, Mumbai, Chandigarh, Panchkula and Ambala were searched by the ED.
- The ED case stems from a 2021 CBI FIR against the company and its promoters for allegedly defrauding a consortium led by the Central Bank of India of Rs 1,626.74 crore.
- The ED is also looking for some documents from Sonepat-based Ashoka University, where Vineet Gupta and Pranav Gupta were associated with in the past.