Two of the founders of Ashoka College, together with a 3rd particular person, had been arrested by the Enforcement Directorate (ED) on October 28 on prices of cash laundering.
Pranav Gupta and Vineet Gupta, the co-founders of Ashoka College together with Chartered Accountant SK Bansal, have been arrested by the central company beneath the Prevention of Cash Laundering Act (PMLA), NDTV quoted sources as saying.
The arrests had been executed after the Enforcement Directorate (ED) performed searches throughout 17 places in relation to an alleged financial institution fraud case involving Parabolic Medication Ltd.
Parabolic Medication has landed itself in sizzling water after being charged by the Central Bureau of Investigation (CBI) for a financial institution fraud to the tune of Rs 1,600 crore. The ED initiated the investigation after the primary info report was filed by the CBI. Tryambak, Satish Avinash, and his household, co-founders of the Haryana-based Ashoka College, have been caught within the crosshairs.
The Guptas had been compelled to resign from their distinguished roles on the college in 2022 quickly after their firm drew scrutiny in 2021. The household allegedly misused quite a few financial institution loans beneath fictitious pretexts, resulting in the numerous default.
The three are anticipated to seem in court docket in Chandigarh, the place the ED will search their custody. The promoters and the pharmaceutical firm are accused of defrauding a consortium led by the Central Financial institution of India of Rs 1,626.
In the meantime, Ashoka College on Friday mentioned that it has no reference to Parabolic Medication. “Ashoka College reiterates that Parabolic Medication is on no account linked to Ashoka College. Ashoka College has no previous or present relationship with Parabolic Medication, the corporate being investigated, and any try and create a hyperlink is with none foundation and deceptive. Vineet and Pranav Gupta are two among the many greater than 200 founders and donors of Ashoka College, who’ve contributed to Ashoka’s creation and progress of their private philanthropic capability and whose particular person companies have completely no bearing on the college,” it mentioned in a press release.
The college is managed by an autonomous board of trustees and an impartial governing physique.