2 Ashoka University Founders Arrested For Money Laundering

Three people have been detained by the Enforcement Directorate (ED) on suspicion of money laundering, including two co-founders of the private university Ashoka University, according to sources today.

The central agency detained two co-founders of Ashoka University, Pranav and Vineet Gupta, as well as chartered accountant SK Bansal, in accordance with the Prevention of Money Laundering Act, or PMLA.

Following 17 searches by ED in connection with the purported bank fraud case involving Parabolic Drugs Ltd., which was backed by Vineet and Pranav Gupta, the arrests took place.

Parabolic Drugs was accused by the Central Bureau of Investigation (CBI) of bank fraud totalling ₹ 1,600 crore.

Based on the CBI’s initial information report, the ED began its investigation.

The Guptas resigned from their positions at Ashoka University, which is located in Haryana, in 2022 after the CBI filed a case against them and their business in 2021.

The ED will probably present the three to a Chandigarh court in order to request custody of them.

A group headed by the Central Bank of India is said to have been defrauded of ₹ 1,626 by the promoters and the pharmaceutical company.

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