ED seizes Rs 3.97 crore cash, gold in MP education funds laundering probe
The Enforcement Directorate said it has seized Rs 3.97 crore in cash and gold jewellery worth Rs 3.45 crore after searches in a money laundering
The Enforcement Directorate said it has seized Rs 3.97 crore in cash and gold jewellery worth Rs 3.45 crore after searches in a money laundering case linked to the alleged misappropriation of funds of a Madhya Pradesh-based educational society. The agency said the searches were carried out on June 23 as part of its investigation against Shri Astha Foundation for Education Society under the Prevention of Money Laundering Act.
Read Full Story The case is based on an FIR filed by the Economic Offence Wing of the state police against Jaynarayan Chouksey and others for "large-scale" financial fraud involving the alleged "misappropriation" and "diversion" of the society's funds. According to the ED, the searches covered residential premises, offices, educational institutions, trusts and business establishments linked to the Chouksey Group. Chouksey is the founder and chairman of the LNCT Group, a prominent educational group in the state.
A comment from the group on the charges is awaited. The agency said Shri Astha Foundation for Education Society ran several educational and healthcare institutions and was controlled by members of the Chouksey family and their associates. It alleged that money collected from students, scholarship grants and bank loans taken in the names of the society and its institutions was "diverted" to related trusts, companies and other entities controlled by the accused.
The ED said it also seized financial records and property-related documents during the searches, though it did not specify the ownership of the cash, jewellery and other assets. The action follows allegations that funds linked to the society were misused and routed to connected entities. Ends
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