Ashoka Uni Co-Founders Step Down From Board After Facing CBI Probe for Fraud

The Sonepat-based private university has denied any links to the CBI case against Pranav Gupta and Vineet Gupta.

Ashoka University in Sonepat, Haryana is India’s first liberal arts university seeking to provide an Ivy League-level education in the country.

(Photo Courtesy: Ashoka University)

Days after the two brothers were booked by the Central Bureau of Investigation (CBI) for fraud, Ashoka University co-founders Vineet Gupta and Pranav Gupta on Thursday, 6 January stepped down from all boards and committees of the varsity.

The Guptas also serve as the directors of a Chandigarh-based pharmaceutical company Parabolic Drugs Ltd, and have been booked for allegedly defrauding the the Central Bank of India and other banks of Rs 1,626 crore.

Following the registration of an FIR, the Central Bureau of Investigation had on 31 December conducted searches at 12 locations in Chandigarh, Panchkula, Ludhiana, Faridabad and Delhi connected to the accused, as per news agency PTI.

"We recovered cash around Rs 1.58 crore, digital evidence, incriminating documents, and other documents from them," a senior CBI official was quoted as saying by news agency IANS.

An FIR framing charges under Sections 120-B (criminal conspiracy) and 463 (forgery) of the Indian Penal Code has been filed against the Gupta brothers and ten others.

Attempt to Create Links Between CBI Case & Ashoka University 'Misleading': Varsity

The Sonepat-based private university, which focuses on liberal arts and sciences, has denied any links to the CBI investigation that is underway against the two accused.

In an official statement, it said that it has over 200 founders, whose business dealing have no bearing on 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."

Ashoka 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 educational institute added in its statement.