Thursday, May 23, 2024

Ashoka University co-founders arrested in Rs 1,600 crore fraud case

Three people, including Ashoka University co-founders Pranav Gupta and Vineet Gupta, were nabbed by the Enforcement Directorate (ED) in connection with the Parabolic Drugs case registered under the Prevention of Money Laundering Act.

News courtesy: INDIA TODAY

According to sources, Parabolic Drugs Ltd and its directors, Pranav Gupta and Vineet Gupta, committed bank fraud worth Rs 1,600 crore.

Apart from the founders, chartered accountant SK Bansal was also arrested.

After their arrest, the trio was sent to five-day ED custody by a magistrate court.

The development comes a day after premises linked to Pranav and Vineet were raided by the ED. Searches were conducted at 17 locations across several places, including Mumbai and Delhi.

Ashoka University on Friday released a statement on the case, that read, “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.”

However, the university in its statement said that Ashoka University has more than 200 founders and donors, and that Vineet Gupta and Pranav Gupta are among them.

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