ED arrests Ashoka Univ co-founders Vineet Gupta, Pranav Gupta in money laundering scam

The Enforcement Directorate on Saturday arrested two promoters of Chandigarh-based pharma company Parabolic Drugs and a company CA in a money laundering investigation linked to an alleged bank fraud, official sources said. Notably, the two promoters are also the co-founders of Ashoka University based in Sonepat, Haryana.

Parabolic promoters Vineet Gupta and Pranav Gupta and Chartered Accountant S K Bansal were taken into custody under the provisions of the Prevention of Money Laundering Act (PMLA), they said. The three are expected to be produced before a special PMLA court in Chandigarh where the ED will seek their custody.

Money laundering scam

The money laundering case stems from a CBI FIR in which the promoters and the pharma company were booked for allegedly defrauding a consortium led by the Central Bank of India of Rs 1626.74 crore.

The Guptas are the co-founders of Sonepat-based Ashoka University but had stepped down from their posts in 2022 at the educational institution after the CBI registered a case against them and the company in 2021.