News for PARABOLIC DRUGS LTD (PARABDRUGS.BO)

Pranav Gupta and Vineet Gupta, the co-founders of Ashoka University along with Chartered Accountant SK Bansal, have been arrested by the central agency under the Prevention of Money Laundering Act.

ED searches were conducted under the Prevention of Money Laundering (PMLA) at locations in Delhi, Mumbai, Chandigarh, Panchkula and Ambala. In this case, Parabolic Drugs Ltd and its directors/promoters, Pranav Gupta and Vineet Gupta, have committed bank fraud worth Rs 1,600 crore.

The raids resulted in recovery of incriminating documents, articles, and ₹1.58 crore in cash.