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New Delhi: On Friday, October 27, the Enforcement Directorate (ED) has intensified raids at premises linked to Vineet and Pranav Gupta, director-promoters of Chandigarh-based Parabolic Drugs, who are also the founders of Ashoka University. The ED has conducted searches at around 17 locations across the country in connection with the bank fraud case against Vineet and Pranav Gupta.
In a case related to the parabolic drugs Ltd, today, the federal probe agency had conducted searches under PMLA on 17 locations based in Delhi (7), Mumbai (3), Chandigarh, Panchkula and Ambala (7). In this case, Parabolic Drugs Ltd and its directors/ promoters, Pranav Gupta and Vineet Gupta have committed bank fraud worth Rs.1 600 crore.
The Central Bureau of Investigation (CBI) also detained directors Deepali Gupta, Rama Gupta, Jagjit Singh Chahal, Sanjeev Kumar, Vandana Singla, Ishrat Gill, and the firm’s guarantors TN Goyal and Nirmal Bansal, and one JD Gupta. This extensive operation is part of the ongoing inquiry into the Parabolic Drugs case, which has brought the founders of Ashoka University under the scrutiny of central agencies.
Pranav Gupta is the founder of Parabolic Drugs. He is the Managing Director of the company he founded in 1996. Vineet Gupta, whole time director at Parabolic Drugs, is the tactician for the global growth and marketing network. He also maintains relations with the investors of the company.
52-year-old Vineet Gupta, an alumnus of IIT-Delhi who graduated in 1991, has an entrepreneurial career spanning 30 years. Apart from Ashoka University, Vineet Gupta has also been credited with building Plaksha University. Vineet Gupta was the first Pro Vice-Chancellor of Ashoka University.
55-year-old Pranav Gupta, an alumnus of the University of Kansas, is the co-founder and trustee of Ashoka University and Plaksha University. He is also a member of the executive board of The IndUS Entrepreneurs (TiE) Chapter, Chandigarh, and the Chairman of the Haryana State Chapter of the PHDCCI.
Duo are also the founders of Jamboree Education, a provider of international exam preparation services, with nearly 40 tuition hubs across India, Middle East, Singapore, and Nepal.
