Investigators allege that the Guptas redirected substantial loan sums through complex layering processes, including channeling some funds to Ashoka University. Records indicate that approximately Rs 7 crore was transferred to the university, with Rs 1 crore reportedly being deposited directly in the university’s account. Further scrutiny revealed additional transfers suspected to be routed through Jamboree Education, an affiliated entity, in amounts totaling Rs 50 lakh. These transactions, the ED believes, may represent misallocated loan funds meant for Parabolic Drugs’ business operations.
Ashoka University has distanced itself from the controversy, maintaining that it holds no affiliations with Parabolic Drugs or its financial transactions. The university stated that the Guptas' involvement in Ashoka was strictly philanthropic and had no bearing on its governance or finances. Ashoka’s administration emphasized that the alleged loan misappropriations relate solely to the private business activities of its founders.
These recent raids underscore the expanding scope of India’s anti-money laundering investigations targeting financial misappropriation within corporate entities. The ED’s current crackdown on Parabolic Drugs involves over 20 associated firms and additional accounts, seeking to map out the extent of the alleged financial wrongdoing and hold relevant parties accountable. The detained individuals are expected to appear before a special PMLA court, where the ED will seek to secure custody for further questioning.