The Delhi Police has issued a lookout circular (LOC) against Vicky Ramancha, Chief Executive Officer of a pharmaceutical firm, for allegedly duping a US-based company of over ₹180 crore in a fraudulent Ozempic supply deal. Officials confirmed that the LOC was issued last week after directions from the court.
According to investigators, Ramancha misled Assure Global LLC, an American company, by projecting political and government connections in India to gain their trust. The case traces back to July 2023, when Ramancha’s subsidiary, R & R Global Procurement Corporation, signed an agreement to supply 1.25 lakh doses of Ozempic, an injectable drug for Type-2 diabetes manufactured solely by Novo Nordisk in Denmark. The doses were allegedly sourced from China, raising immediate red flags.
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Multi-Crore Payments, No Delivery
Between September and December 2023, Assure Global transferred over $18.83 million (₹156 crore) to Ramancha’s firms under two sale-purchase agreements. However, the promised first consignment of 20,000 units of Ozempic never arrived. Instead, authorities allege that Ramancha relied on bogus contracts, relabeled drugs, and notarised documents from Patiala House Court to make the transactions appear legitimate.
Assure Global initially filed a complaint in August 2024, but after months of inaction, the company approached the Patiala House Court. On May 29, 2025, the court ordered police to register an FIR, which was filed on June 3 under Sections 420 (cheating), 406 (criminal breach of trust), and 120B (criminal conspiracy) of the IPC.
Legal Setbacks and Ongoing Investigation
Ramancha, who described himself in court as a non-resident Indian (NRI), sought to have the FIR quashed, but his plea was rejected. On August 11, 2025, his anticipatory bail petition was dismissed by Additional Sessions Judge Saurabh Pratap Singh Laler. Police revealed that multiple summons sent to his Goregaon West, Mumbai address were returned undelivered, with Ramancha allegedly shifting residences during the probe.
The Economic Offences Wing (EOW) has stated that notarised documents from Patiala House Court were misused to lend legitimacy to fraudulent agreements. The FIR also names an “authorised representative” of Ramancha residing in New Delhi. Investigators are now pursuing additional suspects believed to be connected to the alleged fraud.
