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ED arrests 2 promoters, CA of pharma company, searches Ashoka University

IndiaTimes Saturday, 28 October 2023
The Enforcement Directorate (ED) has arrested two promoters of a pharma company and a chartered accountant in connection with a money-laundering probe related to an alleged bank fraud. The arrests were made following searches conducted at multiple locations, including the offices and campus of Ashoka University. The ED alleges that the promoters defrauded banks by availing loans based on forged documents and siphoned off funds through circuitous transactions. The defence counsel argues that the arrests are illegal as the company's insolvency proceedings have been resolved. The university denies any link to the alleged fraud.
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