ED Seizes Cash and Jewelry in MP Educational Society Money Laundering Case

Enforcement Directorate's Investigation in Madhya Pradesh

The Enforcement Directorate (ED) has announced the seizure of ₹3.97 crore in cash and ₹3.45 crore worth of gold jewelry linked to a money laundering case involving an educational society in Madhya Pradesh. This operation was conducted on June 23 as part of an ongoing investigation into the 'Shri Aastha Foundation for Education Society' under the Prevention of Money Laundering Act. The case stems from an FIR filed by the state's Economic Offenses Wing against Jaynarayan Choukse and others, alleging large-scale financial fraud related to the alleged misappropriation and diversion of the society's funds.

According to the ED, searches were carried out at residences, offices, educational institutions, trusts, and business locations associated with the Choukse Group. Jaynarayan Choukse is the founder and chairman of the well-known LNCT Group in the state. The group has yet to respond to these allegations.

The agency revealed that the 'Shri Aastha Foundation for Education Society' operates several educational and healthcare institutions, controlled by members of the Choukse family and their associates. It is alleged that funds collected from students, scholarship grants, and bank loans taken in the name of the society and its institutions were diverted to related trusts, companies, and other entities controlled by the accused. During the searches, the ED also confiscated financial records and property-related documents, although no information was provided regarding the ownership of the cash, jewelry, and other assets. This action follows allegations of misuse of funds associated with the society and their transfer to affiliated entities.