NEW DELHI: The Enforcement Directorate on Wednesday attached properties worth Rs 10 crore belonging to Mansuk Shah on charges of money laundering in a donation and bribery case.
Medical Dialogues team had earlier reported that Mansukh Shah, a 50 year old, founder of a chain of medical, dental and management institutes in Gujarat, was arrested by the Gujarat Anti Corruption Bureau son charges of having accepted Rs. 20 lakh from a student for admission to Sumandeep Vidyapeeth University
His unusual ways of fleecing students not only involved selling of seats, but also marks but Mr. Shah gave medical aspirants marks in accordance with the price paid for them, claim the sleuths. In some situations, he even forced them to buy off marks from him.
“The bribe was collected by his accomplices Vinod alias Bharat Savant and Ashok Tailor,” a senior the ED officer said.
The bribes money collected by Shah was invested by him and members of his family in dormant company shares. Shah used these inactive companies to launder the money routing them through a complex network of shell companies. “Shah and his family members purchased shares of these shell companies at a very low price and later sold them at a high cost and deposited the proceeds in his bank accounts,” the officer told TOI. The money was shown as capital gains from share transactions
The ED after tracing the money attached the money which amounts to Rs. 10 crores. Of which Rs 1.73 crore was in bank balances and Rs 8.35 crore in fixed deposits in the names of Shah and his family members. Investigations in the case are still on reports, TOI