On 28th October (Saturday), the Enforcement Directorate (ED) arrested two promoters of Chandigarh-based pharma company Parabolic Drugs along with a Chartered Accountant (CA) of the company. According to the official sources, they have been arrested in a money laundering investigation which is linked to an alleged bank fraud case.
The sources said that Parabolic promoters Vineet Gupta and Pranav Gupta and Chartered Accountant S K Bansal were taken into custody under the provisions of the Prevention of Money Laundering Act (PMLA). Following the arrests, the three are expected to be produced before a special PMLA court in Chandigarh where the ED will seek their custody.
It is important to note that Vineet and Pranav Gupta are the co-founders of Sonepat-based Ashoka University. However, in 2022, they stepped down from their posts at the educational institution after CBI registered a case against them and the company in 2021.
The ED had initiated its probe based on the FIR filed by the CBI. According to the CBI, the promoters and the pharma company had been accused of defrauding a consortium of banks led by the Central Bank of India of Rs 1626.74 crore. Additionally, the CBI has accused the private company of securing loans as part of a criminal conspiracy through forgery and diverting the money for other uses.
Yesterday, on 27th October (Friday), ED officials carried out raids at multiple locations linked to the company and searched 17 locations across Delhi, Mumbai, Chandigarh, Panchkula and Ambala.
Responding to these developments, Ashoka University released a statement asserting that the institution has no affiliations with Parabolic Drugs. As per the statement, Vineet and Pranav are among over 200 founders and donors who have contributed to the university’s growth.
Yesterday, the university added that the ED officials had sought information linked to Vineet Gupta and Pranav Gupta who stepped down as directors.
It had said, “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 added, “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.”
