New Delhi: Ashoka University co-founders Pranav Gupta and Vineet Gupta, and chartered accountant SK Bansal were arrested by the Enforcement Directorate (ED) on Saturday for alleged money-laundering.
The arrests, under the Prevention of Money Laundering Act (PMLA), followed searches conducted at 17 locations in the alleged bank fraud case involving Parabolic Drugs Ltd, promoted by Pranav and Vineet, reported NDTV.
The three were produced before a magistrate court, which sent them to five-day ED custody.
The Central Bureau of Investigation (CBI) had earlier charged Parabolic Drugs for allegedly defrauding a Central Bank of India-led consortium of Rs 1,626.
The co-founders of the Haryana-based Ashoka University stepped down from their posts in the private institute last year after the CBI filed a case against them and their company in 2021.
ED started its investigation based on CBI’s FIR.
“Ashoka University has no past or current relationship with Parabolic Drugs, the company being investigated, and any attempt to create a link is without any basis and misleading,” Ashoka University said in a statement on Friday.
The university further claimed that Vineet and Pranav are among over 200 founders and donors of the institute.
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