The executive director and three others of Mumbai-based pharma firm Wanbury Ltd were arrested by Vashi police in Mumbai for the alleged embezzlement of funds and stealing of the intellectual property of the company for personal gains.
According to information, Dr Rajaram Samant, executive director of Wanbury Ltd along with Tushar Patil, Chandrakant Negi and Mehul Shah, supplier, were arrested by the Vashi police in connection with embezzlement of funds and stealing of the intellectual property of the company for personal gain. Dominic D'Souza, general manager (corporate affairs), Wanbury said that a complaint was filed by the company U/S 120B, 408, 417, 420 of IPC for various offences such as criminal conspiracy, misappropriation, cheating and U/S 43, 66 and 66B of the Information Technology Act.
Dr Rajaram Samant who is the director on the board of the company had allegedly illegally tried to acquire many products of the company which were in the pipeline by floating his own company whilst in service in Wanbury as executive director. He also seems to have attempted to poach several executives of the company to be engaged in the company which he had floated, viz. Iventia Lifesciences Pvt Ltd. It was falsely claimed that this company is a subsidiary of a UK based pharmaceutical company viz. Iventia Research Laboratories Ltd having a turnover of Rs. 2000 crore. On investigation it was found the UK company did not have a single employee and was as recently formed in March 2010.
Mehul Shah floated this UK based company but is alleged that it belongs to Dr David Solomon thereby misleading employees and the public. Mehul Shah happens to be one of the raw material supplier of Wanbury. All the four accused were arrested on May 20, 2010. They were produced before the Magistrate and are in the police custody till May 26.
The Police are further investigating the matter.
Wanbury is engaged in the business of manufacture, sale and marketing of active pharmaceutical ingredients and formulations, in the therapeutic areas of nutritional, respiratory diseases, pain management, fertility related drugs, orthopedic, gastro, antibiotics, obstetrics and anti-infectives. Some of the major drugs marketed and/or sold by the company are CPink, Osteosid, Rabi Plus, Nurture Powder, Coriminic, Coriminic Plus, Coriminic X, Cdense, Adtrol etc.