HomeIndiaGupta Brothers Founders of Ashoka University Charged With Fraud By CBI

Gupta Brothers Founders of Ashoka University Charged With Fraud By CBI

New Delhi: The co-founders of the Ashoka University, Pranav Gupta and Vineet Gupta have stepped down from all the boards and committees after being charged by the CBI for a fraud to the tune of Rs. 1626 crore, which involved Parabolic Drugs, their Chandigarh based pharmaceutical company.

A multicity raid was carried out against the Guptas on December 31. The Sonepat based university clarified that it has nothing to do with the CBI inquiry involving Parabolic Drugs and its directors. “The university has over 200 founders and donors who have made personal philanthropic contributions to Ashoka. Their individual business dealings and operations have no connection to the university,” the university clarified in a statement.

“In keeping with the high standards for governance at Ashoka, Vineet and Pranav Gupta have already voluntarily stepped down from all boards and committees of the university pending the CBI case and are cooperating fully with the investigation,” the statement further said.

The CBI is probing the allegations that Parabolic Drugs Limited used fake documents to secure loan from multiple banks. The CBI’s FIR that is based on the complaint by the Central Bank of India says “The company availed bank finance by overstating the value of primary security against which drawings were allowed by the bank.”

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