No relation with Parabolic Drugs: Ashoka University on ED searches in Rs 1,626-cr money laundering case

New Delhi: Hours, after the Enforcement Directorate (ED) carried out searches at the premises linked to Pranav Gupta and Vineet Gupta of Parabolic Drugs Pharma Ltd in several states in Rs 1,626-crore money laundering case, the Ashoka University on Friday, clarified that it has no relationship with the company being investigated.

In a statement, the Sonepat-based Ashoka University said, "The Enforcement Directorate has sought information in the matter of investigations into the case of Parabolic Drugs where Ashoka University founders, Vineet Gupta and Pranav Gupta are directors."

"Ashoka University reiterates that Parabolic Drugs is in no way linked to Ashoka University. 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," it said.

It further said that Vineet and Pranav Gupta are "two among the more than 200 founders and donors of Ashoka University", who have contributed to Ashoka's creation and growth in their personal philanthropic capacity and whose individual businesses have absolutely no bearing on the university.

It said Ashoka University is India's first university based on the principle of collective philanthropy, built on the finest global best practices of institution and university governance and no individual, family or corporate group owns or controls it.

"It is managed by an autonomous Board of Trustees and an independent governing body, both of which adhere to impeccable ethical standards," it added.

The remarks from the varsity came after the ED on Friday carried out searches at 15 locations in Delhi, Punjab, Maharashtra and Haryana in connection with the Rs 1,626 crore money laundering case involving Pranav Gupta and Vineet Gupta's company Parabolic Drugs Pharma Ltd.

The ED case is based on the CBI FIR against Chandigarh-based Parabolic Drugs for allegedly defrauding a consortium led by the Central Bank of India (CBI) of Rs 1,626.74 crore.

Among those booked were Pranav and Vineet Gupta, the co-founders of Ashoka University. Pranav Gupta serves as the Managing Director of Parabolic Drugs while Vineet is one of the directors of the firm.

Others booked by the CBI include directors Deepali Gupta, Rama Gupta, Jagjit Singh Chahal, Sanjeev Kumar, Vandana Singla, Ishrat Gill, and the firm's guarantors T.N. Goyal and Nirmal Bansal, and J.D. Gupta.