Chandigarh | A special CBI court has granted permission to pharma businessman Vineet Gupta, an accused in an alleged ₹1,600-crore bank fraud case, to travel abroad for more than a month. The Chandigarh court allowed him to visit France, the United States, Japan and Mexico between June and July. However, the relief came with several stringent conditions, including the submission of a heavy indemnity bond and mandatory sharing of travel details with the investigating agency.
The case is linked to Chandigarh-based pharmaceutical company Parabolic Drugs Ltd, which has been accused of allegedly cheating an SBI-led consortium of banks of more than ₹1,626 crore. The high-profile economic offence case is currently under investigation by the Central Bureau of Investigation, with several promoters, directors and guarantors of the company named as accused.
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Special CBI Judge Bhawna Jain granted the travel permission to 56-year-old Vineet Gupta, a resident of South Delhi, allowing him to travel from June 10 to July 20. During the hearing, Gupta informed the court that he intended to visit his daughters and spend time with family during the vacation period. He also sought revocation of the Look Out Circular (LOC) issued against him.
During arguments, the investigating agency opposed the plea, stating that the case involved a large-scale economic offence and there was a possibility that the accused could flee the country. The agency told the court that the investigation had revealed complex financial transactions and alleged diversion of loan funds. According to the prosecution, allowing the accused to travel abroad could adversely affect the country’s economic interests.
Despite the objections, the court observed in its order that the agency had failed to place any concrete material on record to establish that the accused had ever attempted to evade the investigation or obstruct legal proceedings. The court also noted that Gupta had earlier travelled abroad with judicial permission and had not violated any conditions imposed upon him.
Referring to a previous Supreme Court judgment, the court remarked that the right to travel abroad is an important aspect of personal liberty and family life. On that basis, the court decided to grant permission subject to strict safeguards.
The court directed Vineet Gupta to furnish an indemnity bond of ₹50 lakh and deposit a fixed deposit receipt (FDR) worth ₹15 lakh before the court. In addition, he has been ordered to provide his complete travel itinerary, residential addresses during the trip, mobile number and email details to the investigating officer. The order also makes it clear that he cannot travel to any country other than those specifically permitted by the court.
The accused has further been instructed to keep his mobile phone switched on at all times during the trip and return to India by July 20. He must also appear before the court on the next working day after his return and submit his passport before the court authorities.
The case originates from an FIR registered in December 2021 against Parabolic Drugs Ltd and its directors for allegedly causing massive financial losses to an SBI-led banking consortium. During the investigation, the agency conducted raids across Chandigarh, Panchkula, Mohali, Ludhiana, Faridabad and Delhi. Investigators had then claimed to have recovered nearly ₹1.58 crore in cash along with several incriminating documents.
The investigation into the alleged financial irregularities, diversion of funds and banking fraud is still ongoing. Following the court’s latest order, the case has once again drawn attention in legal and business circles, with many closely watching the future course of the proceedings and the outcome of the broader investigation.
