New Delhi [India], September 14: The Enforcement Directorate (ED) on Wednesday attached properties worth Rs. 10.08 crore in an admission scam run by Mansukh Shah, President of Sumandeep Vidyapeeth.
In an investigation, initiated by ED, it was revealed that the accused was running a racket of collecting bribe from his students in lieu of their admission to various courses and for an appearance in exams.
ED had initiated investigations under Prevention of Money Laundering Act, 2002 (PMLA) against Shah and others on the basis of the case registered by Anti-Corruption Bureau, Ahmedabad (ACB) against the accused and his accomplices under Prevention of Corruption Act, 1988.
The ACB officers had also caught Shah and his accomplice red handed while demanding and accepting a bribe of Rs. 20 Lakhs from a student.
The bribe collection by Shah was done through his accomplices Vinod alias Bharat Savant and Ashok Tailor.
During the investigation, it was noticed that Shah and his family members had shown large scale gains from their investment in shares of unviable and non-functioning listed companies.
However, the investigation disclosed that the bribe amount collected in cash by Shah, was routed through a complex network of shell companies, into the accounts of dummy purchasers of shares held by him and his family, which they had purchased for very low value.
The ED has traced and attached the laundered money to the tune of Rs. 10.08 crore, out of which Rs. 1.73 Crore is in the form of bank balances in the saving bank accounts and Rs. 8.35 Crore is in form of Fixed Deposits in the names of Shah and his family members.
Further investigation is under progress.