*Driver was acting as director of 14 firms
Enforcement Department (ED) registered a case against a pharmaceuticals Chandigarh based firm Parabolic Drugs Company under Prevention of Money laundering Act (PMLA) against three persons Pranav Gupta, Vineet Gupta both promoters of the company and the Chartered Accountant S.K. Bansal about six months ago. According to a 225 page report submitted by ED, the comapny allegedly cheated 12 banks for amounts worth Rs 1626.74 crore by obtaining loans on the basis of fake documents and failed to pay back the amount, which was invested by them in another firm.
ED investigations revealed that most of the firms in which the money was invested were in the names of their near and dears as well as staff members shown as director of the firms and surprisingly according to ED investigation the driver of their firm Harvinder Pal who was totlaly uneducated was shown as director of 14 firms and when he was offered job in the company was asked to sign few papers. Investigation also revealed that a female Vandana Singla who was paid an amount worth Rs 25000 every year was appointed as a director in the firm just to sign papers related to the meetings held quite often which were never attended by her and she knew nothing about the decisions taken in these meetings. Information also revealed that the pharma company had procured loans from as many as 12 banks and invested the amount in other companies owned by them but never returned the amount of loan secured by them in-spite of the repeated reminders and cheated amount worth over 1626 crores.
