Bhopal | The Enforcement Directorate on Thursday said it seized Rs 3.97 crore in cash and gold jewellery worth Rs 3.45 crore following searches against a Madhya Pradesh-based educational society in a money laundering investigation linked to alleged misappropriation of funds.
The searches were undertaken on June 23 in the probe against Shri Astha Foundation for Education Society, the central agency said in a statement.
The searches covered residential premises, offices, educational institutions, trusts, and business establishments connected with the Chouksey Group, the agency said.
The ED case, filed under the Prevention of Money Laundering Act (PMLA), stems from an FIR by the Economic Offence Wing (EOW) of the state police against Jaynarayan Chouksey and others for "large-scale" financial fraud involving "misappropriation" and "diversion" of funds belonging to the said society.
Chouksey is the founder and chairman of the LNCT Group, a prominent educational group in the state.
A comment from the group regarding these charges is awaited.
The agency said the Society (Astha Foundation) managed several educational and healthcare institutions and was controlled by the members of the Chouksey family and their associates.
It alleged in the statement that funds collected from students, scholarship grants, and bank loans obtained in the society's and its institutions' names were "diverted" to related trusts, companies, and entities controlled by the accused persons.
The ED seized Rs 3.97 crore in cash, gold jewellery worth Rs 3.45 crore, financial records and property-related documents during the searches without specifying the ownership of these assets.
