In a fake degree certificate case in Meghalaya, the Enforcement Directorate (ED) has provisionally attached assets worth Rs.13.54 crore of CMJ University, Shillong, and trustees Chandra Mohan Jha, and his family members, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
A press release from the economic intelligence agency stated that the attached assets are in the form of balance in Bank Accounts, Fixed Deposits, Mutual Funds, Insurance Policies, and Immovable Properties.
Based on an FIR and Chargesheet filed by CID, Meghalaya, and Chandra Mohan Jha, his family members who were also Trustees of M/s CMJ Foundation, the university initiated a money-laundering investigation and others for defrauding thousands of students by giving them "fake degree certificates" in return of money.
Around 20570 degrees were illegally issued by the Meghalaya based University despite its small faculty. The credentials of faculty were also highly doubtful, the release said.
Money laundering investigation has revealed that after selling the fake degrees, the funds so received in their bank accounts, were diverted after rotating amongst bank accounts in various banks and invested in Mutual Funds, Fixed deposits, Insurance policies, and Immovable properties in the name of their family members and given color of genuine transactions.
Total Proceeds of Crime have been quantified at Rs.83.52 crore, out of which ED had already attached properties worth Rs. 27.66 Crore earlier. With the present attachment, the total attachment in the case stands at Rs. 41.20 crore.
Further investigation into the matter is in progress, the release added.
