ED raids premises linked to Ashoka University founders, Vineet and Pranav Gupta, in Rs 1,600 cr fraud case

The Enforcement Directorate (ED) has raided premises linked to Vineet and Pranav Gupta, director-promoters of Chandigarh-based Parabolic Drugs, who are also the founders of Ashoka University. The ED has conducted searches at around 17 locations across the country in connection with the bank fraud case against Vineet and Pranav Gupta. 

According to India Today sources, CBI booked the top executives for allegedly defrauding a consortium, led by Central Bank of India of Rs 1,626.74 crore. They allegedly defrauded the consortium of banks through criminal conspiracy and forgery, and diverted loans it took for other uses than mentioned in the loan applications.

The Central Bureau of Investigation (CBI) also booked directors Deepali Gupta, Rama Gupta, Jagjit Singh Chahal, Sanjeev Kumar, Vandana Singla, Ishrat Gill, and the firm's guarantors TN Goyal and Nirmal Bansal, and one JD Gupta.

The central agency had conducted searches at 12 locations in Chandigarh, Panchkula, Ludhiana, Faridabad and Delhi at the office and residential premises of the accused. 

Pranav Gupta is the founder of Parabolic Drugs. He is the Managing Director of the company he founded in 1996. Vineet Gupta, whole time director at Parabolic Drugs, is the tactician for the global growth and marketing network. He also maintains relations with the investors of the company. 

Vineet Gupta, an alumnus of IIT-Delhi who graduated in 1991, has an entrepreneurial career spanning 30 years. Apart from Ashoka University, Vineet Gupta has also been credited with building Plaksha University. Vineet Gupta was the first Pro Vice-Chancellor of Ashoka University. 

Pranav Gupta, an alumnus of the University of Kansas, is the co-founder and trustee of Ashoka University and Plaksha University. He is also a member of the executive board of The IndUS Entrepreneurs (TiE) Chapter, Chandigarh, and the Chairman of the Haryana State Chapter of the PHDCCI.

Vineet and Pranav Gupta are also the founders of Jamboree Education, a provider of international exam preparation services, with nearly 40 tuition hubs across India, Middle East, Singapore, and Nepal. 

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