Key Points
New Delhi: The Enforcement Directorate (ED) has arrested Pranav Gupta and Vineet Gupta, managing director and whole time director respectively of Chandigarh-based Parabolic Drugs Ltd, on charges of money laundering..
In a statement issued Saturday, Ashoka University clarified that it is in no way linked to Parabolic Drugs Ltd...
Vineet and Pranav Gupta are two among the more than 200 founders and donors of Ashoka University, who have contributed to Ashokas creation and growth in their personal philanthropic capacity and whose individual businesses have absolutely no bearing on the university, it said.. Besides the two, the ED also arrested one S.K. Bansal, a chartered accountant, in connection with the same case, lodged under sections of the Prevention of Money Laundering Act, 2002..
The arrests came a day after the agency raided 17 locations in Delhi, Mumbai, Chandigarh, Panchkula and Ambala in connection with the case.. The EDs probe against the drugmaker stems from a case lodged against it by the Central Bureau of Investigation (CBI) in December 2021 in which the top management of Parabolic Drugs Ltd was accused of defrauding a consortium of banks led by Central Bank of India to the tune of Rs 1,626.74 crore...
The FIR was lodged under sections 120B (criminal conspiracy), 406 (criminal breach of trust), 420 (cheating and dishonestly inducing delivery of property), 467 (forgery of valuable security, will, etc.), 468 (forgery for purpose of cheating) and 471 (using as genuine a forged document) of the Indian Penal Code (IPC)...
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