The Enforcement Directorate (ED), responsible for investigating financial crimes related to money laundering, has made a significant development in a money laundering probe. Two prominent founders of Ashoka University, Vineet Gupta and Pranav Gupta, along with a chartered accountant from the pharmaceutical company Parabolic Drugs, CA S K Bansal, have been arrested under the Prevention of Money Laundering Act (PMLA).
The Guptas, who co-founded the prestigious Ashoka University, had previously stepped down from their positions in 2022 due to a case lodged against them and their pharma company in 2021 by the Central Bureau of Investigation (CBI). The CBI had accused the promoters and the pharma company of defrauding a consortium of banks, led by the Central Bank of India, to the tune of ₹1626.74 crore.
In response to these developments, the ED conducted raids at multiple locations associated with the company. Searches were carried out at 17 different locations spanning Delhi, Mumbai, Chandigarh, Panchkula, and Ambala.
Ashoka University issued a statement confirming that the Enforcement Directorate had sought information related to Vineet Gupta and Pranav Gupta, who had previously resigned as directors. The university emphasized that Parabolic Drugs, the company under investigation, has no connection with Ashoka University. The statement categorically stated, “Ashoka University reiterates that Parabolic Drugs is in no way linked to Ashoka University.”
The CBI’s allegations against the private company involve securing loans as part of a criminal conspiracy through forgery and diverting the money for other purposes.
The Enforcement Directorate suspects that the Guptas might have “layered and diverted” bank loan funds totaling ₹7 crore to the university, as reported by PTI, citing sources. Furthermore, there are suspicions that a portion of the loan funds was allegedly transferred to an infrastructure firm in 2013, with the money eventually finding its way into Vineet Gupta’s accounts. Subsequently, ₹1 crore was forwarded to the university, as reported by the agency.
This unfolding case underscores the complex nature of financial investigations and the significance of transparency in financial dealings, even in cases involving renowned institutions like Ashoka University. The legal proceedings surrounding this matter are likely to continue to evolve in the coming days.
Sources By Agencies
