Gupta Brothers, Founders Of Ashoka University, Charged With Fraud By CBI
NDTV
The CBI is inquiring into allegations that Parabolic used forged documents to secure loan from the State Bank of India, UCO Bank, State Bank of Patiala, ICICI Bank, IDBI Bank, State Bank of Hyderabad, Central Bank of lndia, Union Bank of India, Bank of Baroda, Exim Bank, Canara Bank and SIDBI.
Pranav Gupta and Vineet Gupta, co-founders of the Ashoka University, have been charged by the CBI for an alleged swindle of Rs 1,626 crore involving their Chandigarh-based pharmaceutical company Parabolic Drugs.
The CBI has registered a case against the company, Pranav Gupta, Vineet Gupta, and 10 others. They are accused of cheating the Central Bank of India and 11 other banks. The Guptas were raided in multiple cities on December 31.
Incriminating documents, articles and Rs 1.58 crore cash were found in the raids, the CBI says. The Gupta brothers face charges like criminal conspiracy and forgery.
The Ashoka University website shows Vineet Gupta as the founder and trustee and Pranav Gupta as the co-founder and trustee. Parabolic Drugs, promoted by the Gupta brothers, was set up in 1996. It manufactures drugs and drugs intermediaries.
