Ashoka University founders accused of Rs 1,600 crore bank fraud, CBI raids ‘reveal’ forgery
Pranav Gupta & Vineet Gupta are also owners of Chandigarh-based Parabolic Drugs Ltd. The duo have been charged by the CBI for cheating the consortium of banks by using forged documents.
New Delhi: In a sensational disclosure, the Ashoka University founders Pranav Gupta & Vineet Gupta have been accused of swindling a public sector bank to the tune of Rs 1,600 crore.
The Gupta brothers are co-founders of the esteemed University in Haryana. Their alleged involvement in Rs 1600 crore bank forgery & scam came to light after the Central Bureau of Investigation (CBI) raids at 12 locations in Delhi & NCR.
Pranav Gupta & Vineet Gupta are also owners of Chandigarh-based Parabolic Drugs Ltd. The duo have been charged by the CBI for cheating the consortium of banks by using forged documents.
According to reports, the Gupta brothers illegally availed a whopping Rs 1,626.74 crore loan from the Central Bank of India and then siphoned off the money.
Vineet Gupta is the founder and trustee of Ashoka University while Pranav Gupta is the co-founder and trustee. They are promoters of Parabolic Drugs, set up in 1996. It manufactures drugs and drugs intermediaries.
On Dec, 2021, the CBI had conducted raids at about 12 locations in Chandigarh, Panchkula, Ludhiana, Faridabad and Delhi in connection with the bank scam.
Reports suggest that the company run by the Gupta brothers is under the CBI scanner for allegedly fleecing a couple of PSU banks. The company used forged documents to secure loan from banks like SBI, Union Bank of India, Canara Bank, SDBI.
In the case lodged by CBI, the Gupta brothers are said to have employed many means to loot the banks. They resorted to criminal conspiracy, forgery and used forged documents to solicit loan and thereafter diverted the same.