Latest news with #VickyRamancha
Time of India
4 days ago
- Business
- Time of India
$18.8M Ozempic Scam: Vicky Ramancha's anticipatory bail rejected by city court
(You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel On Monday, a city court denied anticipatory bail to businessman Vicky Ramancha, the main accused in an alleged $18.8 million international scam involving counterfeit doses of Ozempic, an anti-diabetic medication increasingly used for weight Sessions Judge Saurabh Partap Singh Laler noted that the magnitude of the alleged fraud and the serious health risks associated with exporting fake pharmaceuticals to the US made it unsuitable to grant anticipatory the order dated August 11, the court stated that the allegations pointed to "a sophisticated transnational fraud operation."[With TOI inputs]
Indian Express
4 days ago
- Business
- Indian Express
Counterfeit Ozempic drugs sold abroad: Delhi court junks anticipatory bail plea of man involved in racket
A Delhi court has dismissed the anticipatory bail plea of a man accused in an international racket involving the supply of counterfeit Ozempic — the anti-diabetic and weight loss drug. The man, Vicky Ramancha, is accused of orchestrating an international criminal conspiracy to supply counterfeit drugs to foreign entities. Additional Sessions Judge Saurabh Pratap Singh Laler of Patiala House Court noted in his order, 'Swift legal action against pharmaceutical crimes is essential for maintaining India's position as the 'Pharmacy of the World' and protecting legitimate manufacturers from regulatory backlash.' 'India's pharmaceutical industry represents a strategic national asset requiring protection from criminal exploitation. The supply of counterfeit pharmaceuticals represents a direct threat to public health and safety,' he added. As per the Economic Offences Wing which is investigating the crime, the 'sophisticated transnational fraud operation' allegedly caused financial losses close to 19 million US dollars to Assure Global LLC, which was the complainant in this case. 'Economic consequences (of such an offence) include loss of market share for legitimate manufacturers, reduction in export revenues and foreign exchange earnings, increased regulatory compliance costs for entire industry, and potential trade sanctions and import restrictions by recipient countries,' the court said. 'The regulatory and diplomatic impact involves damage to India's reputation as a reliable pharmaceutical manufacturer, increased scrutiny from international regulatory bodies (FDA, EMA, WHO), potential disruption of pharmaceutical trade agreements, and strain on diplomatic relationships with importing nations,' it added. The prosecution outlined that there were broader implications of such a crime, including public health and safety concerns. It also stated that the international nature of the alleged crimes created concerns about destruction of electronic records and communications, influencing international co-conspirators and manipulation of complex financial records across jurisdictions. The accused had argued over territorial jurisdiction, stating that no part of the alleged criminal conspiracy occurred within Indian territory. It was the contention of the defence counsel that all agreements were executed outside India and the pharmaceutical products were delivered from China to the USA. The lawyer also stated that the complainant in this case was a foreign entity. To which the judge said, 'The applicant allegedly used Indian legal systems to lend legitimacy to fraudulent operations through notarisation of key documents at Patiala House Courts, creation of false impression of government backing through use of official Indian legal processes.' 'Modern criminal law recognises that transnational crimes cannot escape prosecution merely because they span multiple jurisdictions. The principle of territoriality must be applied pragmatically in cases involving international fraud schemes,' he added, dismissing the defence counsel's argument.
Time of India
4 days ago
- Business
- Time of India
Ozempic 'scam': Delhi court denies bail to Vicky Ramancha in $18.8M international fake drug racket
NEW DELHI: A city court on Monday refused anticipatory bail to businessman Vicky Ramancha, prime accused in an alleged $18.8 million international scam involving counterfeit doses of Ozempic, an anti-diabetic drug being used for weight loss. Additional sessions judge Saurabh Partap Singh Laler observed that the scale of the alleged fraud and the serious health risks posed by exporting spurious pharmaceuticals to the US made it inappropriate to grant anticipatory bail. In the order issued on Aug 11, the court said the allegations indicated "a sophisticated transnational fraud operation". You Can Also Check: Delhi AQI | Weather in Delhi | Bank Holidays in Delhi | Public Holidays in Delhi | Gold Rates Today in Delhi | Silver Rates Today in Delhi Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Hindustan Times
4 days ago
- Business
- Hindustan Times
Man accused of selling fake meds denied bail
A Delhi court on Monday denied anticipatory bail to a man accused of supplying fake Ozempic medicines to several foreign companies, observing that such instances threaten the reputation of India's pharmaceutical industry and endanger public health. (Getty Images/iStockphoto) Ozempic is used to cure Type-2 Diabetes and is an anti-obesity medication used for long-term weight management. The order was passed by additional sessions judge Saurabh Partap Singh Laler of Patiala House Court. The court was deciding on an anticipatory bail plea moved by Vicky Ramancha, who has been accused of criminal conspiracy and cheating a foreign firm by supplying them counterfeit pharmaceutical drugs, specifically Ozempic. A case was lodged against Ramancha by the Delhi Police Economic Offences Wing (EOW). The court said, 'The discretionary remedy of anticipatory bail cannot be granted in circumstances where allegations involve grave offences against public health and safety, international ramifications threaten India's pharmaceutical industry reputation…grant of bail would undermine public confidence in criminal justice system.' The prosecution claimed that the accused was part of a trans-national fraud operation that purportedly caused financial losses exceeding USD 18.8 million to the complainant company. The police further claimed that investigation revealed a systematic pattern of criminal misconduct wherein false representation was created by the accused of having legitimate pharmaceutical supply chains and government connections in India. Police said that false certificates were notarised by Patiala House Courts itself to create a false impression and build trust for larger transactions. To be sure, the case also attracted the attention of US federal authorities, wherein the complainant company received subpoenas (notice to appear in court or produce evidence) from the US Department of Justice regarding potential violations of federal criminal laws, including importation and misbranded drugs. Advocate Yagyesh Kumar, appearing for the accused, argued that the case did not fall within the territorial jurisdiction of the court as the transaction took place outside the country and a commercial arbitration case was already ongoing at London Court of International Arbitration (LCIA). He further added that the fake medicines were due to genuine business difficulties rather than with a criminal intent.
Hindustan Times
5 days ago
- Hindustan Times
Fake Ozempic: Court junks pre-arrest bail plea, calls for swift action in pharma scams
New Delhi, A Delhi court has dismissed the anticipatory bail plea of a man accused in a multi-million dollar international scam involving the supply of counterfeit pharmaceutical drugs, specifically anti-diabetic drug Ozempic, to foreign entities. Fake Ozempic: Court junks pre-arrest bail plea, calls for swift action in pharma scams Additional sessions judge Saurabh Partap Singh Laler, who was hearing the pre-arrest bail plea of accused Vicky Ramancha, observed swift legal action against pharmaceutical crimes was essential to maintain India's position as the "pharmacy of the world". "The supply of counterfeit pharmaceuticals represents a direct threat to public health and safety. Swift legal action against pharmaceutical crimes is essential for maintaining India's position as the pharmacy of the world and protecting legitimate manufacturers from regulatory backlash," the court's August 11 order said. The accused was stated to be a part of "a sophisticated transnational fraud operation" that purportedly caused financial losses exceeding USD 18.8 million to the complainant company, J Assure Global LLC. The court noted alleged supply of counterfeit pharmaceutical drugs endangering public health, complex money laundering operations across multiple jurisdictions, and a systematic criminal conspiracy. On the point of jurisdiction, the court noted Ramancha allegedly used Indian legal systems to lend legitimacy to fraudulent operations and evidence suggested "strategic planning and coordination" from the national capital. "Modern criminal law recognises that transnational crimes cannot escape prosecution merely because they span multiple jurisdictions." Calling India's pharmaceutical sector among the "most valuable economic and strategic assets", contributing significantly to national GDP, the court underlined several factors against the grant of the relief. The accused was stated to be substantial flight risk, given the international operations and financial resources involved, besides the potential for evidence tampering and witness intimidation. "The discretionary remedy of anticipatory bail cannot be granted in circumstances where allegations involve grave offences against public health and safety, international ramifications threaten India's pharmaceutical industry reputation, a complex investigation requires custodial interrogation and international cooperation, and the grant of bail would undermine public confidence in the criminal justice system," the order said. Dismissing the plea, the judge said that the case was a reminder that the country's emergence as a global pharmaceutical leader carried with it responsibilities to maintain the highest standards of quality, integrity, and legal compliance. The court, however, clarified dismissal of the plea did not mean that the accused had to be arrested. "The investigating agency shall exercise the power of arrest only as a last resort, strictly for the purpose of investigation," it added. This article was generated from an automated news agency feed without modifications to text.
