Guntur: ED Raids On NRI Academy Of Sciences Reveals Funds Diversion

GUNTUR: The Enforcement Directorate on Wednesday released a statement s in the money laundering case registered on the diversion of funds in NRI Academy Of Sciences and medical college.

It may be recollected that the ED officials conducted searches for two days in Vijayawada, Kakinada, Guntur, and Hyderabad and found immovable properties in 53 places. Cash, important documents, and many assets were seized by the sleuths.

Search operations were conducted on 02.12.2022 and 03.12.2022 in an ongoing investigation under the Prevention of Money Laundering Act of  2002 against some of the members, and office bearers of NRI Academy of Sciences in various places of Vijayawada, Kakinada, Guntur and Hyderabad. Cash and incriminating documents were seized and the properties of various persons involved in this case were also frozen.

The investigation was initiated based on the FIRs registered by AP Police to probe into the alleged diversion of funds of the society by some of the members of the society in the name of construction of buildings, collection, and siphoning off huge amounts of money from COVID patients. Reports also state that they had siphoned off huge amounts of money from medical students for admission in MBBS courses, and the figures mentioned in the books of accounts suggest the diversion of funds payable to NRI Society by floating a company by a similar name such as NRIAS Private Limited.

Document of 53 immovable properties suspected to be involved in money laundering have been seized and frozen and various other incriminating documents and electronic devices found connected with the alleged diversion of funds have also been seized, the ED said

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