Founders of the Ashoka University, Pranav Gupta and Vineet Gupta have been charged by the CBI for an alleged fraud of ₹ 1,626 crore involving their Chandigarh-based pharmaceutical company Parabolic Drugs. A case has been registered by the CBI against the company, Pranav Gupta, Vineet Gupta, and 10 others.
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 ₹ 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 that manufactures drugs and drug intermediaries.
The CBI is inquiring into allegations that Parabolic used forged documents to secure loan from the State Bank of India, and 11 other banks that include 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.
The case first came to notice based on the Central Bank of India's complaint with the CBI that says 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," says the complaint.
