In relation to the Parabolic Drugs case filed under the Prevention of Money Laundering Act (PMLA), the Enforcement Directorate (ED) detained three individuals, including Pranav and Vineet Gupta, co-founders of Ashoka University.
Sources claim that Pranav and Vineet Gupta, the directors of Parabolic Drugs Ltd., perpetrated bank fraud of Rs. 1,600 crore.
In addition to the founders, SK Bansal, a chartered accountant, was taken into custody. A magistrate court placed the three of them in five-day ED detention following their apprehension.
This happened the day after the ED raided a location connected to Pranav and Vineet. A total of seventeen locations, including Delhi and Mumbai, were searched.
The following was stated in a statement Ashoka University published on Friday on the case: ‘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 of Ashoka University’s more than 200 founders and donors, according to the university’s statement.
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