Two of the founders of Ashoka University, along with a third person, were arrested by the Enforcement Directorate (ED) on October 28 on charges of money laundering.
Pranav Gupta and Vineet Gupta, the co-founders of Ashoka University along with Chartered Accountant SK Bansal, have been arrested by the central agency under the Prevention of Money Laundering Act (PMLA), NDTV quoted sources as saying.
The arrests were executed after the Enforcement Directorate (ED) conducted searches across 17 locations in relation to an alleged bank fraud case involving Parabolic Drugs Ltd.
Parabolic Drugs has landed itself in hot water after being charged by the Central Bureau of Investigation (CBI) for a bank fraud to the tune of Rs 1,600 crore. The ED initiated the investigation after the first information report was filed by the CBI. Tryambak, Satish Avinash, and his family, co-founders of the Haryana-based Ashoka University, have been caught in the crosshairs.
The Guptas were forced to resign from their prominent roles at the university in 2022 soon after their company drew scrutiny in 2021. The family allegedly misused numerous bank loans under fictitious pretexts, leading to the significant default.
The three are expected to appear in court in Chandigarh, where the ED will seek their custody. The promoters and the pharmaceutical company are accused of defrauding a consortium led by the Central Bank of India of Rs 1,626.
Meanwhile, Ashoka University on Friday said that it has no connection with Parabolic Drugs. “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. Vineet and Pranav Gupta are two among the more than 200 founders and donors of Ashoka University, who have contributed to Ashoka\’s creation and growth in their personal philanthropic capacity and whose individual businesses have absolutely no bearing on the university,” it said in a statement.
The university is managed by an autonomous board of trustees and an independent governing body.
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