ED Arrests 2 Ashoka University Founders In Rs 1,626 Crore Bank Fraud Case
In a money laundering investigation linked to an alleged bank fraud, the Enforcement Directorate arrested two promoters of Chandigarh-based pharma company Parabolic Drugs and a company CA.
The Enforcement Directorate (ED) made arrests on Saturday in connection with a money laundering investigation involving an alleged bank fraud. Two promoters of the Chandigarh-based pharmaceutical company Parabolic Drugs and a Chartered Accountant were arrested under the provisions of the Prevention of Money Laundering Act (PMLA), news agency PTI reported citing official sources.
According to the report, the individuals apprehended in this case include Parabolic Drugs promoters Vineet and Pranav Gupta, as well as Chartered Accountant S K Bansal. They are expected to appear before a special PMLA court in Chandigarh, where the ED will seek custody of them.
As per the report, it's worth noting that Ashoka University, which is based in Sonepat, was founded by Vineet and Pranav Gupta. However, after the Central Bureau of Investigation (CBI) filed a case against them and the company in 2021, they resigned from their positions at the educational institution in 2022.
According to the PTI report, the money laundering case arose from a CBI First Information Report (FIR). The promoters and the pharmaceutical company were accused in the FIR of defrauding a consortium led by the Central Bank of India of Rs 1626.74 crore. According to the report, the ED's arrests mark a significant development in this ongoing investigation.
Ashoka University Distances Itself From Parabolic Drugs Money Laundering Case:
In the wake of ED searches conducted at locations associated with Pranav Gupta and Vineet Gupta of Parabolic Drugs Pharma Ltd in connection with a Rs 1,626-crore money laundering case, Ashoka University issued a clarification asserting its lack of affiliation with the company under investigation, news agency IANS reported on Friday.
Ashoka University, based in Sonepat, released a statement to address the situation, stating, "The Enforcement Directorate has sought information in the matter of investigations into the case of Parabolic Drugs where Ashoka University founders, Vineet Gupta and Pranav Gupta are directors," as reported by IANS.
The university reiterated that there is no relationship between Parabolic Drugs and Ashoka University. It emphasised that Ashoka University had no relationship with Parabolic Drugs, the subject of the investigation, and that any attempt to establish a link is unfounded and misleading.
Furthermore, the statement stated that Vineet and Pranav Gupta are among Ashoka University's over 200 founders and donors. They have contributed to the growth of Ashoka University through individual philanthropy, and their personal business ventures have no bearing on the university.
The university's clarifications came after the ED searched 15 locations in Delhi, Punjab, Maharashtra, and Haryana as part of its investigation into the Rs 1,626-crore money laundering case involving Parabolic Drugs Pharma Ltd, a company affiliated with Pranav and Vineet Gupta.
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