ED conducts searches in Delhi-NCR, Punjab against Chandigarh-based pharma company

The Enforcement Directorate on Friday conducted fresh searches at about a dozen locations in the Delhi-NCR and Punjab as part of a money laundering investigation against a Chandigarh-based pharmaceutical company and its promoters linked to an alleged bank fraud, official sources said.

The first round of searches in this case against the company — Parabolic Drugs– were carried out in October.

The central agency had earlier arrested Parabolic Drugs promoters Vineet Gupta (54) and Pranav Gupta (56), who are also the co-founders of the Sonepat-based Ashoka University, and CA Surjeet Kumar Bansal (74) under the provisions of the Prevention of Money Laundering Act (PMLA).