The Central Bureau of Investigation (CBI) carried out raids at three locations, including a pharmaceutical company in Judikalan, Baddi, on Wednesday evening. The raids are part of an ongoing investigation into a suspected case of corporate fraud and corruption involving Noel Pharma (India) Private Limited and its top executives.
Case Details
The investigation centers around Noel Pharma’s Chief Managing Director, Sandhrapalle Venkataiah, Director Gundluru Mastan, and two public servants. The CBI has registered a case against them, charging them with cheating, criminal conspiracy, fraudulent practices, and violations under the Prevention of Corruption Act.
The probe was initiated following a complaint lodged by the Assistant General Manager of the State Bank of India (SBI), Baddi, on May 2, 2024. The complaint alleges that Noel Pharma’s directors, in collusion with public officials and private individuals, illegally sold off collateral properties mortgaged with the bank without obtaining the required consent.
Financial Losses and Misuse of Funds
According to the complaint, the proceeds from the sale of these properties were not deposited in the bank but were instead misused for personal gain. This fraudulent activity has reportedly caused a loss of approximately ₹33 crore to the government exchequer.
CBI’s Investigation
The CBI’s investigation aims to uncover the full extent of the financial misappropriation and identify the roles played by the accused individuals. The agency is examining financial records, property transactions, and potential connections between the company and public servants to strengthen its case.
Ongoing Developments
The raids mark a significant step in the CBI’s efforts to combat corporate fraud and corruption. Further updates on the investigation are awaited as the agency continues its probe into the alleged malpractices.
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