CBI lodges FIR against Ashoka University Co-founders in financial fraud case

As part of its ongoing investigation, the CBI said it has lodged a case against Ashoka University co-founders Pranav Gupta and Vineet Gupta, who run the pharmaceutical company from Chandigarh.

They are accused of cheating the Central Bank of India and other banks of Rs 1,626 crore through their Chandigarh-based pharmaceutical company.

Despite this, the university clarified that it didn't relate to the case.

CBI official says CBI has filed an FIR under various sections of the Indian Penal Code against Pranav Gupta, Vineet Gupta, Jaidev Gupta, Chandigarh-based Parabolic Drugs, and 10 others.

Vineet Gupta is Managing Director and Pranav Gupta is the Director of Parabolic Drugs, according to the official. He said that the accused took loans from 11 banks including the Central Bank of India but didn't repay the money.

On December 31, the CBI conducted searches on the premises of the accused persons and recovered incriminating documents. "We found cash of around Rs 1.58 crore, digital evidence, incriminating documents, and other documents from them," said a CBI official.

"To make a connection between Parabolic Drugs and Ashoka University is frivolous and misleading. The CBI investigation involving Parabolic Drugs and its Directors has nothing to do with Ashoka University.

The University has over 200 donors and founders who have made philanthropic contributions to Ashoka, but their business operations are unrelated to the University, the statement said.

According to Ashoka University, Vineet and Pranav Gupta have voluntarily resigned from all positions on the University's boards and committees pending the investigation by the CBI, and they are cooperative with the investigation.