Corruption
CBI Raids Pharma Giant for Illegally Selling Mortgaged Properties, Diverting Funds for Personal Gain
SHIMLA: The Central Bureau of Investigation (CBI) conducted raids at three locations, including a pharmaceutical firm in Judikalan, Baddi, on Wednesday evening, tightening its grip on a suspected case of corporate fraud and corruption.
The investigation pertains to Noel Pharma (India) Private Limited, its Chief Managing Director Sandhrapalle Venkataiah, Director Gundluru Mastan, and two public servants. The CBI registered the case charging them with cheating, criminal conspiracy, fraudulent practices, and violations under the Prevention of Corruption Act.
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The probe was initiated based on a complaint filed by the Assistant General Manager of the State Bank of India, Baddi, on May 2, 2024. According to the complaint, the directors of Noel Pharma, in collusion with public officials and private individuals, allegedly disposed of collateral properties mortgaged with the bank without obtaining the required consent.
The proceeds from the sale of these properties were reportedly misused for personal gain instead of being deposited in the bank. This fraudulent activity caused an estimated loss of ₹33 crore to the government exchequer.
The CBI’s actions are part of a broader effort to uncover the extent of the alleged financial misappropriation and the roles played by those involved. The agency is expected to examine financial records, property transactions, and the suspected nexus between the company and public servants to build a strong case.
Further developments in the investigation are awaited.
