Daijiworld Media Network – Bhopal
Bhopal, Jun 25: The Enforcement Directorate (ED) has seized cash and gold jewellery worth over Rs 7.4 crore during searches conducted in connection with a money laundering investigation linked to the alleged misappropriation of funds belonging to a Madhya Pradesh-based educational society.
In a statement issued on Thursday, the agency said searches were carried out on June 23 under the Prevention of Money Laundering Act (PMLA) in a case involving Shri Astha Foundation for Education Society.
According to the ED, cash amounting to Rs 3.97 crore and gold jewellery valued at Rs 3.45 crore were recovered during the operation.
The investigation stems from an FIR registered by the Economic Offence Wing (EOW) of Madhya Pradesh Police against Jaynarayan Chouksey and others for alleged large-scale financial irregularities involving the diversion and misappropriation of society funds.
The ED conducted searches at multiple locations, including residences, offices, educational institutions, trusts and business establishments associated with the Chouksey Group. Jaynarayan Chouksey is the founder and chairman of the LNCT Group, one of the state's prominent educational institutions.
According to the agency, Shri Astha Foundation for Education Society managed several educational and healthcare institutions and was allegedly controlled by members of the Chouksey family and their associates.
The ED alleged that funds collected through student fees, scholarship grants and bank loans obtained in the names of the society and its institutions were diverted to related trusts, companies and other entities linked to the accused.
Apart from cash and jewellery, the agency said it also seized financial records and documents related to various properties. However, it did not specify the ownership details of the seized assets.
The probe is continuing to examine allegations that funds associated with the society were misused and routed through connected entities.