'Pranav and Vineet Gupta among 200 founders': Ashoka University says no connection with Parabolic Drugs after ED raid
Ashoka University said that founders Pranav and Vineet Gupta's business Parabolic Drugs has no bearing on the university.
- Oct 27, 2023,
- Updated Oct 27, 2023 4:14 PM IST
Ashoka University, in a statement on Friday, stated that the institute has no links with Parabolic Drugs, whose founders Pranav and Vineet Gupta, also founders of the university, have come under the scanner of the Enforcement Directorate (ED) for allegedly defrauding a consortium of banks to the tune of Rs 1,626 crore. Ashoka University stated that they are two among 200 founders and donors of the university.
“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.
The statement comes after ED conducted searches at around 17 locations across the country in connection with the bank fraud case against Vineet and Pranav Gupta. The Central Bureau of Investigation (CBI) booked top executives of Parabolic Drugs for defrauding the consortium through criminal conspiracy and forgery to divert loans it took for reasons other than what was mentioned in the loan applications.
Apart from Pranav and Vineet Gupta, the agency also booked Parabolic Drugs directors Deepali Gupta, Rama Gupta, Jagjit Singh Chahal, Sanjeev Kumar, Vandana Singla, Ishrat Gill, and the firm's guarantors TN Goyal and Nirmal Bansal, and one JD Gupta.
Pranav Gupta is the founder and managing director of Parabolic Drugs, while Vineet Gupta is a whole-time director. Vineet Gupta is a founder of Ashoka and was its first Pro Vice-Chancellor. Pranav Gupta is the co-founder and trustee of Ashoka University.
Ashoka University, in a statement on Friday, stated that the institute has no links with Parabolic Drugs, whose founders Pranav and Vineet Gupta, also founders of the university, have come under the scanner of the Enforcement Directorate (ED) for allegedly defrauding a consortium of banks to the tune of Rs 1,626 crore. Ashoka University stated that they are two among 200 founders and donors of the university.
“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.
The statement comes after ED conducted searches at around 17 locations across the country in connection with the bank fraud case against Vineet and Pranav Gupta. The Central Bureau of Investigation (CBI) booked top executives of Parabolic Drugs for defrauding the consortium through criminal conspiracy and forgery to divert loans it took for reasons other than what was mentioned in the loan applications.
Apart from Pranav and Vineet Gupta, the agency also booked Parabolic Drugs directors Deepali Gupta, Rama Gupta, Jagjit Singh Chahal, Sanjeev Kumar, Vandana Singla, Ishrat Gill, and the firm's guarantors TN Goyal and Nirmal Bansal, and one JD Gupta.
Pranav Gupta is the founder and managing director of Parabolic Drugs, while Vineet Gupta is a whole-time director. Vineet Gupta is a founder of Ashoka and was its first Pro Vice-Chancellor. Pranav Gupta is the co-founder and trustee of Ashoka University.