Pramesh S Jain
The Enforcement Directorate (ED),Bengaluru Zonal Office,has provisionally attached immovable assets worth Rs.16.94 crore in connection with a money laundering case involving BEMS Education Trust,which runs several engineering colleges in the city.
The action was taken under the provisions of the Prevention of Money Laundering Act (PMLA),2002, following an FIR registered by the Mahadevapura Police.
The case pertains to alleged illegal collection of excess fees from students and subsequent laundering of the proceeds.
According to the ED,the trust and its associates allegedly collected fees beyond the prescribed limits,primarily through cash transactions,and diverted the unaccounted money through multiple bank accounts.
The funds were reportedly used to acquire immovable properties and routed via agents and intermediaries to project the proceeds as legitimate income.
Investigations revealed that the attached properties were purchased using proceeds of crime generated from the illegal fee collection.
Searches conducted during the probe unearthed documents and financial records indicating systematic violations and money laundering activities.
The attached assets belong to BMS Education Trust and individuals associated with the trust, the ED said in a press release.Further investigation into the case is underway.
