Vineet and Pranav Gupta
On a recent Saturday, the Enforcement Directorate (ED) made headlines by arresting two key figures associated with the Chandigarh-based pharmaceutical company, Parabolic Drugs, in connection with a money laundering investigation tied to an alleged bank fraud. According to official sources, the individuals taken into custody are Vineet Gupta and Pranav Gupta, who serve as the promoters of Parabolic Drugs, and Chartered Accountant S K Bansal. These arrests were made under the legal provisions of the Prevention of Money Laundering Act (PMLA).
ED arrests Parabolic Drugs promoters Vineet Gupta, Pranav Gupta, and CA S K Bansal in bank fraud linked money laundering case: Officials
— Press Trust of India (@PTI_News) October 28, 2023
Background of the Guptas
What adds a layer of complexity to this case is the background of the Guptas. Vineet and Pranav Gupta are not only linked to Parabolic Drugs but are also co-founders of Ashoka University, located in Sonepat. However, in 2022, they stepped down from their roles at the educational institution. This decision came after the Central Bureau of Investigation (CBI) registered a case against them and their company in 2021.
Pranav Gupta is the founder and Managing Director of Parabolic Drugs, a company he established in 1996. Vineet Gupta, serving as the whole-time director at Parabolic Drugs, is responsible for the company’s global growth and marketing network, as well as maintaining relations with investors.
Vineet Gupta, an alumnus of IIT-Delhi who graduated in 1991, boasts a career spanning three decades, including the establishment of not only Ashoka University but also Plaksha University. He played a significant role as the first Pro Vice-Chancellor of Ashoka University.
Pranav Gupta, who graduated from the University of Kansas, is a co-founder and trustee of Ashoka University and Plaksha University. He also holds positions as a member of the executive board of The IndUS Entrepreneurs (TiE) Chapter in Chandigarh and Chairman of the Haryana State Chapter of the PHDCCI.
Appearance of the arrested individuals
The next step in this legal saga will be the appearance of the arrested individuals, Vineet Gupta, Pranav Gupta, and Chartered Accountant S K Bansal, before a special PMLA court in Chandigarh. Here, the ED will seek their custody for further investigation.
First Information Report
The roots of this case can be traced back to a First Information Report (FIR) filed by the CBI, alleging that the promoters and Parabolic Drugs were involved in defrauding a consortium led by the Central Bank of India. The amount involved in this alleged fraud is a staggering Rs 1,600 crore. The ED’s actions in arresting these individuals underscore the seriousness of the investigation into these financial irregularities and their potential money laundering activities.
