ED arrests Ashoka University co-founders Pranav Gupta, Vineet Gupta in alleged money laundering case
₹1,627 crore-alleged bank fraud involving Parabolic Drugs. The Chandigarh-based pharmaceutical company is promoted by Pranav Gupta and Vineet Gupta, and was booked by the Central Bureau of Investigation (CBI) in 2021.
Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here! The firm has been charged with defrauding a consortium of banks – led by the Central Bank of India – of ₹1,627 crore.
The Guptas had stepped down from their posts at Ashoka University in 2022, after the CBI filed the case against them in connection with the alleged bank fraud involving Parabolic. The ED arrests also come a day after the agency carried out searches at 17 locations in Delhi, Mumbai, Chandigarh, Panchkula and Ambala, in connection with the case.
Following the ED raids, Ashoka University had issued a statement to distance itself from the controversy. “Ashoka University reiterates that Parabolic Drugs is in no way linked to Ashoka University.
Ashoka University has no past or current relationship with Parabolic Drugs, the company being investigated, and any attempt to create a link is without any basis and misleading," the statement noted. (With inputs from agencies)"Exciting news! Mint is now on WhatsApp Channels
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