ED raids pharmaceutical company and its promoters

NEW DELHI: 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.