India News | CBI Conducts Raids at 12 Locations of Pharmaceutical Company in Chandigarh, Punjab over Defrauding Banks to Tune of over Rs 1626.74 Crore
Get latest articles and stories on India at LatestLY. The Central Bureau of Investigation (CBI) on Friday registered a case against a pharmaceutical company and conducted a search in premises of its Directors on the allegations of bank fraud of Rs 1600 crore.
New Delhi [India], December 31 (ANI): The Central Bureau of Investigation (CBI) on Friday registered a case against a pharmaceutical company and conducted a search in premises of its Directors on the allegations of bank fraud of Rs 1600 crore.
CBI said that they have registered a case on a complaint from Central Bank of India and other member banks against Parabolic Drugs limited company based at Chandigarh and others including Managing Director, other Directors, Guarantors and unknown public servants/private persons on the allegations of defrauding the banks to the tune of approximately Rs 1626.74 crore.
Also Read | Uttarakhand Government Hikes Old-Age and Widow Pension From Rs 1200 to Rs 1400.
It was alleged that the said private company was engaged in the manufacturing of drugs. It was further alleged that the said accused had cheated the consortium of banks to the tune of approximately Rs 1626.74 crore by criminal conspiracy, forgery, using forged documents knowing the same to be forged and availed the loan funds and thereafter diverted the same.
Searches were conducted on Friday at 12 locations including Chandigarh, Panchkula, Ludhiana, Faridabad and Delhi at the office and residential premises of the accused which resulted in the recovery of incriminating documents, articles, cash amount of approximately Rs 1,58,96,000.
The case is under investigation. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)