NRI PULSE STAFF REPORT
Newark, N.J., May 13, 2026 — A former healthcare executive from Colts Neck has been sentenced to five years in federal prison for his role in a sprawling $212 million investment fraud scheme involving a publicly traded healthcare services company, federal prosecutors announced.
Parmjit “Paul” Parmar, 55, pleaded guilty last year to conspiracy to commit securities fraud and was sentenced May 5 in federal court in Newark. In addition to the 60-month prison term, Parmar was ordered to pay more than $125 million in restitution to victims and will serve three years of supervised release following his release from prison.
According to the U.S. Attorney’s Office for the District of New Jersey, Parmar and his associates orchestrated the scheme between 2015 and 2017 as part of an effort to take private a healthcare services company traded on the London Stock Exchange’s Alternative Investment Market.
Prosecutors said the conspirators artificially inflated the company’s value by creating fake customers, altering bank statements, and fabricating revenue figures to make the business appear far more profitable than it actually was. They also allegedly misrepresented the company’s acquisitions, with some of the businesses presented to investors either not existing at all or generating only a fraction of the revenue claimed.
Federal authorities said the scheme ultimately persuaded investors and lenders to provide approximately $212.5 million in financing, including $82.5 million from a private investment firm and another $130 million from a consortium of financial institutions. Investigators said the fraudulent practices helped secure funding based on a grossly inflated company valuation.
Court records show that the fraudulent operation began to unravel in late 2017, eventually contributing to the company’s collapse and bankruptcy.
Two of Parmar’s alleged co-conspirators — former chief financial officer Sotirios “Sam” Zaharis and company secretary Ravi Chivukula — remain fugitives, according to federal authorities.
The case was investigated by the Federal Bureau of Investigation.
