Bhopal (Madhya Pradesh): The directorate of enforcement (ED), Bhopal, conducted search operations at 12 premises linked to a private university and seized cash worth Rs 3.97 crore and gold jewellery valued at Rs 3.45 crore, officials said on Thursday.
Bank lockers linked to the suspects and associated entities in the Shri Astha Foundation for Education Society case were opened during the searches.
The searches covered residential premises, offices, educational institutions, trusts and business establishments connected with the group.
The ED initiated the investigation based on an FIR registered by Economic Offences Wing (EOW), Bhopal, against the group's directors and others for alleged large-scale financial fraud involving the misappropriation and diversion of the society's funds.
The ED investigation revealed that the education society, which manages several educational and healthcare institutions, was controlled by members of one family and their associates.
Investigators found that funds collected from students, scholarship grants and bank loans obtained in the name of the society and its institutions were diverted to related trusts, companies and other entities controlled by the suspects.
During the searches, the ED recovered and seized substantial incriminating evidence.
Cash amounting to approximately Rs 3.97 crore was seized from various premises. Mobile phones, digital devices, ERP and Tally data, financial records, property-related documents and other incriminating documents were also seized.
Gold jewellery worth approximately Rs 3.45 crore was also seized. In addition, documents relating to immovable properties were recovered during the search proceedings.
