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CBI: Ashoka University founders charged with Rs 1600 cr Bank Fraud

By IndianMandarins- 07 Jan 2022
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New Delhi (07.01.2022): The Central Bureau of Investigation (CBI) has charged Pranav Gupta and Vineet Gupta, co-founders of the Ashoka University, for an alleged swindle of Rs 1,626 crore involving their Chandigarh-based pharmaceutical company Parabolic Drugs. A case of forgery has been registered against the company owners, Pranav Gupta, Vineet Gupta, along with ten others. They have been accused of cheating the Central Bank of India and 11 other banks with forged documents. CBI conducted raids in various cities in India for this case.

During the raids, various incriminating documents, articles and Rs 1.58 crore cash have been recovered, a CBI official said. The co-founders of Ashoka University face charges like criminal conspiracy and forgery. Central Bank of India's lodged a complaint and an FIR with CBI after the company has defaulted on repayment since 2012.

As per the website of Ashoka University, Vineet Gupta is the founder and trustee, and Pranav Gupta is the co-founder and trustee of the university. Parabolic Drugs, pharmaceuticals owned by the Gupta brothers, was set up in 1996. It manufactures drugs and drugs intermediaries.

The CBI is conducting a detailed enquiry into allegations that in the name of this pharmaceutical company, the Gupta brothers used forged documents to secure loans from various public banks including the State Bank of India, UCO Bank, State Bank of Patiala, ICICI Bank, IDBI Bank, State Bank of Hyderabad, Central Bank of India, Union Bank of India, Bank of Baroda, Exim Bank, Canara Bank and SIDBI.

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