ED Attached Assets Worth Rs. 90.31 Crore of Educomp Group

ED Attached Assets Worth Rs. 90.31 Crore of Educomp Group Under the Prevention of Money-laundering Act (PMLA), 2002, the Enforcement Directorate (ED) has provisionally attached assets worth Rs. 90.31 crore belonging to M/s. Educomp Professional Education Ltd., one of the group companies of Gurugram-based Educomp Group. On the basis of a FIR registered by the CBI in New Delhi under various sections of the IPC and the Prevention of Corruption Act, 1988, the ED launched a money laundering investigation against Educomp Group for conspiracy and committing forgery, diverted and syphoned off the bank's funds, and cheated the lending banks. The ED investigation revealed that the group company, M/s. Edu Smart Services Pvt. Ltd., diverted bank loan funds to the tune of Rs. 90.31 Crore and created assets in District Ranga Reddy, Telangana in the name of sister concern M/s. Educomp Professional Education Ltd. through a web of transactions. This amount of Rs. 90.31 Crore, in the form of land parcels and rent, is considered Proceeds of Crime and was attached in accordance with the provisions of the PMLA. The total default in loan repayment resulting in wrongful loss to lending banks is Rs. 1955.36 Crore. Further investigation is in progress