ED Raids Ashoka University Founders: What’s the ₹1,600 Crore Scam?
The Enforcement Directorate, or ED, is a government agency that looks into financial crimes. They have recently searched places linked to Vineet and Pranav Gupta.
These two people are known for their role in Parabolic Drugs, a company based in Chandigarh. They are also the founders of Ashoka University.
The Central Bureau of Investigation (CBI) claims that these two, along with some other people, have tricked a group of banks. The main bank here is the Central Bank of India.
The total money in question is Rs 1,626.74 crore. They took loans saying they would use it for certain things but used it for something else.
Besides Vineet and Pranav Gupta, several other people are in trouble. The list includes directors named Deepali Gupta, Rama Gupta, Jagjit Singh Chahal, Sanjeev Kumar, Vandana Singla, and Ishrat Gill.
There are also some people who promised to pay back the loan if the company couldn’t. These are TN Goyal and Nirmal Bansal. JD Gupta is also named.
Both Vineet and Pranav Gupta are known for more than just their business. Vineet is an IIT-Delhi graduate and has been a business person for 30 years. He is also linked to another university called Plaksha University.
Pranav, who studied at the University of Kansas, is also part of Ashoka and Plaksha University. They are both involved in another education-related business named Jamboree Education.
This is a big company that helps people prepare for international exams. They have almost 40 centers in places like India, the Middle East, Singapore, and Nepal.
These ED raids are looking into a huge money issue involving loans. Several people are named, and the amount of money is very large.
Besides this, the Guptas are known for their role in the education sector with multiple universities and an exam preparation company.