ED Seizes Nearly Rs 7.5 Crore in Cash and Gold in Probe of MP Education Society

The federal agency says the action advances a PMLA inquiry into alleged diversion of student fees, scholarships and loans to entities tied to the Chouksey family.

Overview

The Enforcement Directorate said Thursday it recovered Rs 3.97 crore in cash and gold jewellery valued at about Rs 3.45 crore as part of searches linked to the Shri Astha Foundation for Education Society.
Searches covered residential homes, offices, colleges, trusts and business premises connected to the Chouksey/LNCT group and yielded bank lockers, mobile devices, ERP/Tally data, financial records and property documents.
The federal PMLA case follows an Economic Offence Wing FIR that names Jaynarayan Chouksey and others over alleged large-scale misappropriation and diversion of the society’s funds.
The ED alleges funds from student fees, scholarship grants and loans taken in the society’s name were routed to related trusts, companies and entities controlled by the accused, but it has not specified ownership of the seized cash and jewellery.
Under the Prevention of Money Laundering Act the ED can seek attachment of proceeds and pursue prosecution, a step that could lead to legal action and operational or reputational disruption for the group while the probe continues and the LNCT/Chouksey response is awaited.