The duo, along with their chartered accountant SK Bansal, were arrested by the Enforcement Directorate on October 28 for money laundering under the Prevention of Money Laundering Act following extensive questioning. They have now been sent to judicial custody by a special PMLA court.
Pranav Gupta and Vineet Gupta, the managing director and director of Parabolic Drugs Ltd, are the accused in a ₹1,626-crore bank fraud case. This case originated from a CBI FIR, which accused them and their pharma company of defrauding a consortium of banks, including the Central Bank of India, between 2009 and 2014.
The Gupta brothers are also co-founders of Ashoka University but stepped down from their positions in 2022 due to the ongoing legal case against them and the company.
The ED conducted raids on Ashoka University’s offices and premises, resulting in the recovery of assets worth ₹114 crore, digital devices, and incriminating documents. The investigation found that the Guptas were directly involved in money laundering activities, including inflating the value of primary security for bank loans and diverting funds through group and shell companies. They also obtained loans using forged documents.
Their chartered accountant, SK Bansal, played a role in facilitating these fraudulent activities by altering the nature of loan funds from liabilities to assets through complex transactions and concealing financial information from lending banks.
The ED is investigating a total of 20 linked companies in connection with the bank-loan fraud case.
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}