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ED Ahmedabad files complaint against Sumandeep Vidyapeeth's Mansukh Shah, attaches Rs 10 cr assets

Mansukh Shah, ex-chief of Sumandeep Vidyapeeth, charged with money laundering

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The Enforcement Directorate, Ahmedabad, has filed prosecution complaint against Mansukh Shah, former president of Sumandeep Vidyapeeth, and his brother-in-law Deepak Shah, in a case of money laundering wherein the agency had attached properties worth Rs10.08 crore.

ED had initiated investigations under Prevention of Money Laundering Act (PMLA) against Mansukh Shah and others on the basis of a case registered by ACB Ahmedabad, wherein he was caught red-handed while accepting a bribe of Rs20 lakh from a student of Sumandeep Vidyapeeth on February 27, 2017.

The ED said in a statement that investigation had disclosed that this was not an isolated case and that Mansukh has been taking bribe from students in exchange for admissions to various courses or facilitating appearance for exams. The bribe was collected through his accomplices Vinod alias Bharat Savant, and Ashok Tailor.

The investigating agency said that during the investigation, it was noticed that Mansukh and his family had shown capital gains of Rs 27.57 crore from their investment in shares of a number of unviable and non-functioning companies. It was later found that these shares were bought at just Rs 23.14 lakh.

The bribe money collected by Mansukh was converted into RTGS entries through a complex network of shell companies. With the assistance of cheque discounters, the money was sent into bank accounts of various dummy persons, who later used the money to buy shares from the Shah family at exorbitant rates.

The ED said that the entire arrangement was managed by Deepak Shah. The agency added that it had attached laundered money of Rs 10.08 crore, of which Rs 1.73 crore is in savings bank accounts and Rs 8.35 crore as fixed deposits in Mansukh Shah and his family's names.

CAUGHT IN ACTION

ED had initiated investigations under Prevention of Money Laundering Act (PMLA) against Mansukh Shah and others on the basis of a case registered by ACB Ahmedabad, wherein he was caught red-handed while accepting a bribe of Rs20 lakh from a student of Sumandeep Vidyapeeth.

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