According to ED, student fees amounting to Rs 107 crore were siphoned off by accused
BENGALURU:
The Enforcement Directorate has provisionally attached assets worth Rs 19.43 crore belonging to Madhukar G Angur, Priyanka M Angur, Ravi Kumar K, Shruthi and Pavana Dibbur under the provisions of the Prevention of Money Laundering Act, 2002. The attached assets are in the form of one bank account, six flats, and two parcels of land.
The ED initiated a money-laundering investigation on the basis of an FIR registered by the Bengaluru police against Madhukar G Angur, ex-Chancellor, Alliance University, Bengaluru, and his associates under sections of the IPC.
ED has provisionally attached assets worth Rs. 19.43 Crore belonging to Madhukar G Angur, former Chancellor, M/s Alliance University, Bangalore and his associates under PMLA, 2002.
— ED (@dir_ed) September 28, 2021
Illegal bank accounts
According to the ED, Madhukar G Angur allegedly asked parents to deposit their children’s fees in illegally opened bank accounts in the name of Srivari Educational Services. According to the ED, the parents of around 4,500 students deposited fees in the illegal bank accounts to the tune of around Rs 107 crore, which was allegedly siphoned off by Madhukar Angur and others during 2016 and 2017.
Also Read: ED arrests ex-chancellor of Bengaluru university who duped parents
The investigation revealed that a huge amount of money was transferred from the Srivari Educational Services bank accounts to the personal bank accounts of Madhukar G Angur, Priyanka M Angur, Ravi Kumar K and Shruthi.
