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CBI Charges Founders Of Ashoka University With Rs. 1600 Cr Bank Fraud

Ashoka University founders, the Gupta brothers have been accused of cheating the banks by using forged documents. CBI conducted raids in different locations.

CBI Charges Founders Of Ashoka University With Rs. 1600 Cr Bank Fraud
CBI Charges Founders Of Ashoka University With Rs. 1600 Cr Bank Fraud
outlookindia.com
2022-01-06T20:32:53+05:30

The Central Bureau of Investigation (CBI) has charged Pranav Gupta and Vineet Gupta, co-founders of the Ashoka University, for an alleged swindle of ₹ 1,626 crore involving their Chandigarh-based pharmaceutical company Parabolic Drugs.

A case of forgery has been registered against the company owners, Pranav Gupta, Vineet Gupta, along with ten others. They have been accused of cheating the Central Bank of India and 11 other banks with forged documents. CBI conducted raids in various cities in India for this case.

During the raids, various Incriminating documents, articles and ₹ 1.58 crore cash have been recovered, mentioned one of the CBI officials. The co-founders of Ashoka University face charges like criminal conspiracy and forgery.

As per the official website of Ashoka University, Vineet Gupta is the founder and trustee, and Pranav Gupta is the co-founder and trustee of the university. Parabolic Drugs, pharmaceuticals owned by the Gupta brothers, was set up in 1996. It manufactures drugs and drugs intermediaries.

The CBI is conducting a detailed enquiry into allegations that in the name of this pharmaceutical company, the Gupta brothers used forged documents to secure loans from various public banks including the State Bank of India, UCO Bank, State Bank of Patiala, ICICI Bank, IDBI Bank, State Bank of Hyderabad, Central Bank of India, Union Bank of India, Bank of Baroda, Exim Bank, Canara Bank and SIDBI.

Central Bank of India's lodged a complaint and an FIR with CBI after the company has defaulted on repayment since 2012.  "The company availed bank finance by overstating the value of primary security against which drawings were allowed by the bank," NDTV quoted the complaint.

In 2014, both the State Bank and the Central Bank of India classified the accounts of Parabolic Drugs as "Non-Performing Assets".

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