Ashoka University co-founders used fake documents to avail bank loans: ED ReadingS


Pranav Gupta and Vineet Gupta, directors of Chandigarh-based Parabolic Drugs Ltd., were actively and directly involved in the generation, layering and siphoning of proceeds of crime; benefited from bank financing by illegally inflating the value of the primary security; The bank revealed an investigation by the Enforcement Directorate (ED).

Pranav Gupta, Vineet Gupta and chartered accountant SK Bansal were arrested on October 28. The ED registered a money laundering case based on an FIR registered by the CBI against Parabolic Pharmaceuticals, its promoters-directors Pranav and Vineet Gupta and others. Pranav and Vineet Gupta were also co-founders of Ashoka University.

The court sentenced them to detention in the emergency room until 2 November, which was extended until 4 November.

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