Ashoka University founders defrauded banks for loan: CBI

The Central Bureau of Investigation has reportedly lodged an FIR against the founders of the reputed education institution Ashoka University.

The country’s premier investigating agency has alleged that the two brothers - Pranav Gupta and Vineet Gupta – have availed loans from multiple banks on the basis of forged documents. Besides the two, there are 10 more accused in the case.

There are 12 banks including State Bank of India, Central Bank of India, UCO Bank, State Bank of Patiala, ICICI Bank, IDBI Bank, State Bank of Hyderabad, Union Bank of India, Bank of Baroda, Exim Bank, Canara Bank and SIDBI which disbursed over 1600 cr loans to the two brothers. According to reports, the duo has also promoted a pharmaceutical company called Parabolic Drugs.

The investigating agency has conducted several raids at their various locations and has reportedly recovered over1.5 cr and other documents.

According to the First Information Report lodged by the CBI, "The company availed bank finance by overstating the value of primary security against which drawings were allowed by the bank,"

The FIR has also accused that after availing the funds, they divert it elsewhere and utilise it for other purposes.

"After having conspired to induce the banks to sanction the funds under the cover of their business needs, the accused deployed devious tactics to mis-utilise the funds and siphon/divert the said funds to avoid repayment and/or personally enrich themselves and thereby causing losses to the banks," the FIR said.