After CBI Raids in a Bank Loan Fraud Case, Ashoka University Co-founders Pranav & Vineet Gupta Resign

Although the university said they’ve stepped down, their name still appears on its website as co-founders and trustees.  

After the expose that co-founders and trustees of Ashoka University Pranav and Vineet Gupta were raided by the CBI in a bank loan fraud case, the university said both have stepped down. Although, both the names still appear on the university’s website as trustees.

On December 31 last year, the CBI raided 12 locations in Chandigarh, Panchkula, Ludhiana, Faridabad and Delhi in connection with a case pertaining to defrauding a consortium of banks of a whopping Rs 1626.74 crore.

The Guptas are owners of Chandigarh-based Parabolic Drugs Ltd. They are accused of defrauding the banks and diverting the funds. The university said the Guptas have voluntarily stepped down from their roles in the university pending enquiry and are cooperating with the agencies. It also said that the university has over 200 donors and their individual business dealings have no connection with the university.

“The CBI investigation of Parabolic Drugs and its Directors has nothing to do with Ashoka University. Any attempt to create a link is frivolous and misleading. The university has over 200 founders and donors who have made personal philanthropic contributions to Ashoka. Their individual business dealings and operations have no connection to the university. In keeping with the high standards for governance at Ashoka, Vineet and Pranav Gupta have already voluntarily stepped down from all Boards and Committees of the University pending the CBI case and are cooperating fully with the investigations,” the Ashoka University said in a statement.

The CBI raids on the Guptas were reported by India Ahead news. Following the news about the CBI raids, the Guptas have also stepped down from Mohali-based technology university Plaksha University.

“Plaksha is a collective philanthropic effort with nearly a hundred individual and corporate donors and practices the highest standards of transparency and governance. This is Plaksha’s strength. No one donor’s personal situation has a bearing on the project. It may be noted that Vineet Gupta and Pranav Gupta have voluntarily stepped down from all official positions at Plaksha”, the Plaksha University said in a statement.