ED Registered Money Laundering Case Against NRI College

NRI College | Hyderabad, Dec 7 (Maxim News): Enforcement Directorate has announced that a Prevention of Money Laundering Act case has been registered against the NRI College.

In the searches conducted in Hyderabad, Vijayawada, Kakinada and Guntur on December 2 and 3, it was found that the college has 53 immovable properties.

NRI College

According to the statement released, a huge amount of cash and important documents were seized and many properties were seized during the inspections.

The ED found that the funds belonging to the NRI society were misappropriated in the name of building constructions and collected huge amounts of money from the patients during the Covid period. It said that it has been noticed that the income received from Covid has not been shown in the accounts of the NRI society.

ED found that a huge amount of money was collected from MBBS students in the name of admission fees, this income has been diverted and the funds collected was not deposited into the NRI Society account and diverted to some other account.

It was also alleged that funds were diverted from the amount payable to NRI society by floating a company.

“Fifty-three document of immovable properties suspected to be involved in money laundering have been seized and freezed and various other incriminating documents and electronic devices found connected with the alleged diversion of funds have also been seized,” the ED said in a statement. (Maxim News)

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