In connection with the Parabolic Drugs case registered under the Prevention of Money Laundering Act (PMLA), three individuals, including Pranav Gupta and Vineet Gupta, co-founders of Ashoka University, were apprehended by the Enforcement Directorate (ED).
The allegations are related to a significant bank fraud, with Parabolic Drugs Ltd and its directors, Pranav Gupta and Vineet Gupta, purportedly involved in fraudulent activities amounting to Rs 1,600 crore. Accompanying the university co-founders, chartered accountant SK Bansal was also taken into custody.
After their detention, a magistrate court remanded the trio to five-day ED custody.
This development occurred shortly after the ED carried out searches at locations associated with Pranav and Vineet, including 17 different premises across various cities such as Mumbai and Delhi.
Ashoka University released a statement addressing the situation, emphasizing that the university has no historical or existing ties with Parabolic Drugs, the company currently under investigation. Any attempt to establish a connection between the university and the company is unfounded and misleading.
Nonetheless, the university acknowledged that Ashoka University boasts more than 200 founders and donors, with Vineet Gupta and Pranav Gupta being among them.
