ED registers money laundering case, conducts raids against promoters of Andhra medical college

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The Enforcement Directorate has registered a money laundering case against office bearers of a medical college in Andhra Pradesh on charges of alleged siphoning of funds received from MBBS aspirants and other alleged irregularities, the agency said Wednesday.

The federal agency carried out raids against the institution– NRI Academy of Sciences– on December 2-3 in Vijaywada, Kakinanda, Guntur and Hyderabad (Telangana).

The money laundering case stems from an FIR by the Andhra Pradesh Police that alleged “diversion” of funds of the society by some members in the name of construction of buildings, collection and siphoning off huge amounts of money from Covid patients over and above figures mentioned in books of accounts, collection and siphoning off huge amounts of money from medical students for admission in MBBS course over and above figures mentioned in books of accounts.

It was also alleged that funds were diverted from the amount payable to NRI society by floating a company by similar name such as NRIAS Private Limited etc.

“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.