ED seizes cash, jewellery worth Rs 5 crore in money laundering case against coaching institute

New Delhi [India], April 26 (ANI): The Enforcement Directorate (ED) of the Lucknow unit seized cash amounting to Rs 10 lakh and jewellery worth Rs 4.89 crore during searches at seven locations in Noida, Delhi, and Gurgaon in connection with the FIIT-JEE fraud case.
The searches were conducted on April 24 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
"Directorate of Enforcement (ED), Lucknow Zonal Office, has conducted searches under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, at seven locations in Noida, Delhi and Gurgaon on 24/04/2025 in the case of the FIIT-JEE Fraud Case. The search operations were carried out at the residences of the Director D.K. Goel, CEO, COO, and CFO, as well as at the official premises of FIIT-JEE Coaching Institute," a release said.
https://x.com/dir_ed/status/1916054825243967668
The ED's action comes amid a probe launched on the basis of multiple FIRs registered across Noida, Lucknow, Delhi, Bhopal, and other locations.
The FIRs alleged that the senior management of the coaching institute collected substantial fees from students and parents under the pretext of providing quality educational services.
"ED initiated an investigation against FIIT-JEE and its senior management on the basis of multiple FIRs registered across Noida, Lucknow, Delhi, Bhopal, and other locations. The FIRs alleged that the senior management of FIIT-JEE collected substantial fees from students and parents under the pretext of providing quality educational services but instead engaged in large-scale financial fraud, criminal breach of trust, and educational malpractice by failing to deliver the promised educational services," the release further said.
ED investigators found that around Rs 206 crore had been collected from students of ongoing batches, even as services fell short of what was promised.
"The search action revealed that substantial amounts, approximately Rs. 206 Crore were collected from students of currently running batches by FIIT-JEE under the pretext of providing educational services, which were ultimately not delivered," it added.
As per the release, the seized digital devices and documents reveal serious financial irregularities.
During the search, several incriminating documents and digital devices were seized, indicating serious financial irregularities. The collected funds were allegedly diverted for personal and unauthorised use while faculty salaries remained unpaid. Consequently, 32 coaching centres at Ghaziabad, Lucknow, Meerut, Noida, Prayagraj, Delhi, Bhopal, Gwalior, Indore Faridabad, Gurugram, Mumbai, etc., were abruptly shut down, causing widespread distress to approximately 15000 students and parents," the release further said.
"Further preliminary analysis of the evidence collected during the search action suggests a systematic scheme to siphon off funds, thereby defrauding students and their parents under the guise of educational services. During search Cash of Rs. 10 Lakh and Jewellery worth Rs. 4.89 Crore were seized," it added.
Further investigation is underway. (ANI)