Enforcement Directorate attaches property of CMJ University in crores
Staff Reporter
GUWAHATI: The ED (Directorate of Enforcement) crackdown on a fake university offering fake degrees to students led to the attachment of Rs 7.56 crore under the Prevention of Money Laundering Act (PMLA), 2002. The total attachment in this case till date stands at Rs. 48.76 crore (approx.).
The Directorate of Enforcement (ED), Guwahati Zonal Office, provisionally attached assets worth Rs. 7.56 crore under the provisions of PMLA, 2002, in a case involving “fraud committed in the issuance of degree certificates” against M/s CMJ University, Shillong. Chandra Mohan Jha, his family members, and others were involved in running the fake university. The attached assets are in the form of balances in their bank accounts, fixed deposits, insurance policies, and landed property.
ED initiated an investigation on the basis of the FIR and charge sheet filed by CID Meghalaya under various sections of IPC, 1860, against M/s CMJ University, Shillong, Meghalaya, Chandra Mohan Jha, his family members, who were also Trustees of M/s CMJ Foundation, and other persons, for defrauding thousands of students by giving them fake degree certificates in return for money. Around 20,570 degrees were illegally issued by M/s CMJ University.
According to ED, its investigation revealed that after selling the fake degrees, the funds so received in their bank accounts were diverted after rotating amongst accounts in various banks and mutual funds (MF) maintained by the family members of Jha and given ‘colour of genuine transactions’ while also investing some of the funds in fixed deposits. The proceeds of crime (POC) were also invested in landed property.
The total proceeds of crime have been quantified at Rs. 83.52 crore, out of which ED has earlier attached property worth Rs. 41.2 crore. The total attachment in this case till date stands at Rs. 48.76 crore (approx.). The investigation is in progress.
Also Watch: