CBI probing Surya Pharmaceuticals in Rs 620 crore bank fraud case

It is alleged that Surya Pharmaceuticals defrauded Punjab and Sind, and four other banks of the consortium to the tune of about Rs. 621 crore.

The Central Bureau of India (CBI) has registered a case against Surya Pharmaceuticals, its directors and officials of three companies based in Dubai and Patiala, for allegedly cheating a consortium of five banks to the tune of Rs 621 crore, officials said on Tuesday

A case has been registered on charges of criminal conspiracy, cheating, forgery under the provisions of the Prevention of Corruption Act against Surya Pharmaceuticals Ltd., its promoters and directors Rajeev Goel and Alka Goel.

Pramod Aggarwal, director of Dubai-based Kobian Pvt. Ltd. and proprietor of Nimbus FZE, and Suhail Goel, director of Patiala-based Emsons Organic Ltd. have also been booked.

“Searches were conducted today at seven places -- two each in Delhi, Patiala and Chandigarh and one in Panchkula -- at the offices and residences of the accused which led to the recovery of certain documents,” the CBI spokesperson said in New Delhi.

It is alleged that the accused defrauded the Punjab and Sind Bank and four other banks of the consortium to the tune of about Rs. 621 crore by diversion and siphoning off the loan through its sister concerns and not utilising the credit for the purpose it was sanctioned i.e., manufacturing of pharmaceuticals, the spokesperson said