Main issue
This fragment:
echo -e "\ \ / / | '__| __| | || |_| '_ \"
echo -e " \ V /| | | | |_| |__ _| |_) |"
These are not two separate commands. If you try to run just the first line, you will see the shell expects further input.
Double-quoted \" at the very end of of the first line is an escaped double-quote. It does not close the quoting. The following newline character is double-quoted, so the command continues. The quoting ends at the unescaped " after echo -e in the next line. The characters that follow are unquoted; this includes | | |. Unquoted | is a pipe operator. Two or more pipe operators in a row are invalid, hence the error.
Since double-quoted backslash (\) can be special, it's safer to use single-quoted strings. Unless a string contains the single-quote character itself ('). Some of the strings in your code do, including the troublesome one. You can still achieve the desired result by quoting different parts differently, or by proper escaping.
Note by using echo -e (instead of plain echo) you made backslash potentially special to echo as well (this fact didn't bite you though; yet). In general it's better to use printf.
This is the troublesome command fixed in two different ways:
echo "\ \ / / | '__| __| | || |_| '_ \\"
echo "\ \ / / | '__| __| | || |_| '_ "'\'
There are more ways to properly quote/escape this entire string. In general you need to know how the shell interprets quotes, backslashes and such.
In this case, however, your code will be much more readable if you use here document.
cat <<'EOF'
_ _ _ _ _ _
__ _/ |_ __| |_| | || | | |__
\ \ / / | '__| __| | || |_| '_ \
\ V /| | | | |_| |__ _| |_) |
\_/ |_|_| \__|_| |_| |_.__/
EOF
Note I quoted EOF after <<. Without this quoting, some characters (including \) would/could be special, not literal.
Meta note
Our site gave you a hint by coloring your code in the question itself, as soon as you posted it. The coloring scheme seems to change. This is the screenshot (in case something breaks in the future):
Side issue
If the file is virtlab and you run it with bash virtlab then you don't need the shebang (#!/bin/bash). It seems there is something wrong with the shebang anyway, you got No such file or directory.
