India News | Rs 1600 Crore Bank Fraud Case: ED Raids Locations in Delhi, Punjab, Maharashtra, Haryana
Get latest articles and stories on India at LatestLY. Sources said the searches were conducted under the Prevention of Money Laundering (PMLA) at locations in Delhi, Mumbai, Chandigarh, Panchkula and Ambala.
New Delhi [India], October 27 (ANI): The Enforcement Directorate (ED) conducted searches at 17 locations across the country on Friday in connection with the Rs 1600 crore alleged bank fraud case related to Parabolic Drugs Ltd, according to sources.
Sources said the searches were conducted under the Prevention of Money Laundering (PMLA) at locations in Delhi, Mumbai, Chandigarh, Panchkula and Ambala.
In this case, Parabolic Drugs Ltd and its directors/promoters, Pranav Gupta and Vineet Gupta, have committed bank fraud worth Rs 1,600 crore.
An investigation has revealed that Vineet Gupta and Pranav Gupta are the founding members of Ashoka University.
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Further details are awaited. (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)