Co-founders of Ashoka University Vineet Gupta and Pranav Gupta have stepped down from all boards and committees of the varsity after being booked by the CBI (Central Bureau of Investigation) in a Rs 1,600 crore fraud case last week.

The duo, who are also the directors of Parabolic Drugs, a pharmaceutical firm based out of Chandigarh, have been booked for allegedly cheating banks like the Central Bank of India to the tune of Rs 1,626 crore.

Ashoka University has issued a clarification that the Sonepat-based varsity has absolutely nothing to do with the investigation being carried out by the CBI on Parabolic Drugs and its directors. They call all attempts to link the two "frivolous and misleading", as per a report in PTI.

READ ALSO : Ashoka Univ students charge Founders-admin for failing to protect faculty from "external pressures"

"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," the varsity said in an official statement and added, "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," it added.

After an FIR was registered, it was last Friday that the CBI conducted searches in 12 locations in Chandigarh, Panchkula, Ludhiana, Faridabad and Delhi at the office and residential premises of the accused.