ED attaches properties worth Rs 10 cr in medical college bribery case
TNN | Sep 13, 2017, 20:44 IST
NEW DELHI: In a donation and bribery case against the owner of a medical college in Vadodra, the Enforcement Directorate on Wednesday attached properties worth Rs 10 crore acquired by the college president Mansukh Shahon charges of money laundering.
Mansukh Shah, president of Sumandeep Vidyapeeth in Vadodra, was accused of accepting Rs 20 lakh as bribe for giving admission to a student. A case was registered against him after the anti-corruption bureau (ACB) of Ahmedabad caught him with the bribe money in February this year. The ACB case was later turned into a money laundering case under the Prevention of Money Laundering Act by the ED.
"The student had paid the bribe for admission and for being allowed to appear for the MBBS exam conducted by the university," according to ED.
The ED probe later revealed that Mansukh Shah was running a racket of collecting bribe from his students in lieu of their admission to various courses and for appearance in exams. "The bribe was collected by his accomplices Vinod alias Bharat Savant and Ashok Tailor," a senior the ED officer said.
Shah and his family members had invested the bribe money in shares of dormant listed companies. 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 said.
The bribe money was shown as capital gains from share transactions. The ED has traced and attached such laundered money to the tune of Rs 10 crore, out of which Rs 1.73 crore was bank balances in the saving bank accounts and Rs 8.35 crore in fixed deposits in the names of Shah and his family members. The case is still under investigation.
TNN | Sep 13, 2017, 20:44 IST
NEW DELHI: In a donation and bribery case against the owner of a medical college in Vadodra, the Enforcement Directorate on Wednesday attached properties worth Rs 10 crore acquired by the college president Mansukh Shahon charges of money laundering.
Mansukh Shah, president of Sumandeep Vidyapeeth in Vadodra, was accused of accepting Rs 20 lakh as bribe for giving admission to a student. A case was registered against him after the anti-corruption bureau (ACB) of Ahmedabad caught him with the bribe money in February this year. The ACB case was later turned into a money laundering case under the Prevention of Money Laundering Act by the ED.
"The student had paid the bribe for admission and for being allowed to appear for the MBBS exam conducted by the university," according to ED.
The ED probe later revealed that Mansukh Shah was running a racket of collecting bribe from his students in lieu of their admission to various courses and for appearance in exams. "The bribe was collected by his accomplices Vinod alias Bharat Savant and Ashok Tailor," a senior the ED officer said.
Shah and his family members had invested the bribe money in shares of dormant listed companies. 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 said.
The bribe money was shown as capital gains from share transactions. The ED has traced and attached such laundered money to the tune of Rs 10 crore, out of which Rs 1.73 crore was bank balances in the saving bank accounts and Rs 8.35 crore in fixed deposits in the names of Shah and his family members. The case is still under investigation.
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