Bhopal, June 25 (SocialNews.XYZ) The Directorate of Enforcement's (ED) Bhopal Zonal Office has carried out extensive search operations at 12 premises linked to the Shri Astha Foundation for Education Society and the Chouksey Group under Section 17 of the Prevention of Money Laundering Act (PMLA).
The raids on the premises, which included residential properties, offices, educational institutions, trusts, business establishments, and one bank locker, on Tuesday, have uncovered significant evidence of large-scale financial irregularities, the ED said.
The ED initiated the probe following an FIR registered by the Economic Offences Wing (EOW), Bhopal, against Jaynarayan Chouksey and other associates for alleged misappropriation and diversion of funds belonging to the Shri Astha Foundation for Education Society.
The society, which operates multiple educational and healthcare institutions, was reportedly controlled by members of the Chouksey family and their close associates.
According to ED officials, investigations revealed that substantial funds collected from students as fees, government scholarship grants, and bank loans taken in the name of the society and its institutions were systematically diverted to related trusts, companies, and entities controlled by the accused persons.
This alleged diversion is said to have caused significant financial harm to the educational society and its stakeholders, the investigation agency said.
During the intensive searches spanning multiple locations connected to the Chouksey Group, the ED team recovered and seized substantial incriminating material. Authorities seized cash amounting to approximately Rs 3.97 crore from various premises. In addition, gold jewellery valued at Rs 3.45 crore was also recovered and seized, taking the total value of cash and gold seized to Rs 7.42 crore, it said.
Officials further seized mobile phones, digital devices, ERP and Tally accounting data, detailed financial records, property-related documents, and several other incriminating papers. Property documents pertaining to immovable assets were also recovered during the proceedings, which are expected to provide crucial leads in tracing the proceeds of crime.
The ED has described the operation as a significant step in uncovering the alleged money laundering network linked to the financial fraud. The agency is now scrutinising the seized digital and documentary evidence to establish the complete money trail and identify all beneficiaries involved in the diversion of funds.
Further investigation into the case is actively underway, with officials indicating that more actions, including possible attachments of properties and additional summons, may follow based on the analysis of the recovered material.
This case has drawn significant attention in educational circles in Madhya Pradesh, as the Shri Astha Foundation manages several prominent institutions. Students, parents, and staff associated with these institutions are closely watching further developments.
Source: IANS
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