The University of Ashoka stated that the investigation of the Central Committee for Investigations into Parabolic Drugs and its directors have nothing to do with the institution. On December 31, the CBI accused the top executives of Chandigarh-based Parabolic Drugs of allegedly defrauding a consortium led by the Central Bank of India (CBI) of Rs 1,626.74 million.
Among those booked were Pranav Gupta and Vineet Gupta, co-founders of Ashoka University. Pranav Gupta is the CEO of Parabolic Drugs, while Vineet is one of the directors of the company.
Others commissioned by the CBI include directors Deepali Gupta, Rama Gupta, Jagjit Singh Chahal, Sanjeev Kumar, Vandana Singla, Ishrat Gill and guarantors of TN Goyal and Nirmal Bansal, and one JD Gupta, the official told the PTI news agency.
“The university has over 200 founders and donors who have made personal philanthropic contributions to Ashoka. Their individual affairs and operations have nothing to do with the University,” the University of Ashoka said in an official statement.
The university added that Pranav and Vineet voluntarily resigned from all boards and commissions of that institution.
“In accordance with the high standards of governance in Ashoka, Vineet and Pranav Gupta have already voluntarily left all boards and committees of the University while awaiting the CBI case and fully cooperating in investigations,” the statement said.
On December 31, the CBI conducted searches at 12 locations in Chandigarh, Panchkuli, Ludhiana, Faridabad, and Delhi in the defendant’s offices and living quarters, according to CBI spokesman RC Joshi.
The raids resulted in the return of incriminating documents, items and Rs 1.58 million in cash, he added.
Officials said the company was involved in drug production. She allegedly deceived a consortium of banks through criminal conspiracy and counterfeiting, and directed the loans she took for other purposes.
With inputs from PTI