The search operations were carried out at the residences of the Director D.K. Goel, CEO, COO, and CFO, as well as at the official premises of FIIT-JEE Coaching Institute
FinTech BizNews Service
Mumbai, April 27, 2025: Directorate of Enforcement (ED), Lucknow Zonal Office has conducted searches under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 at seven locations in Noida, Delhi and Gurgaon on 24/04/2025 in the case of FIIT-JEE Fraud Case, according to the press release issued by the ED. The search operations were carried out at the residences of the Director D.K. Goel, CEO, COO, and CFO, as well as at the official premises of FIIT-JEE Coaching Institute.
ED initiated investigation against FIIT-JEE and its senior management on the basis of multiple FIRs registered across Noida, Lucknow, Delhi, Bhopal, and other locations. The FIRs alleged that the senior management of FIIT-JEE collected substantial fees from students and parents under the pretext of providing quality educational services, but instead engaged in large-scale financial fraud, criminal breach of trust, and educational malpractice by failing to deliver the promised educational services.
The search action revealed that substantial amounts, approximately Rs. 206 Crore were collected from students of currently running batches by FIIT-JEE under the pretext of providing educational services, which were ultimately not delivered. During search action the following details of Proceeds of Crime (POC) was unearthed:
During the search, several incriminating documents and digital devices were seized, indicating serious financial irregularities. The collected funds were allegedly diverted for personal and unauthorized use, while faculty salaries remained unpaid. Consequently, 32 coaching centres at Ghaziabad, Lucknow, Meerut, Noida, Prayagraj, Delhi, Bhopal, Gwalior, Indore Faridabad, Gurugram, Mumbai etc were abruptly shut down, causing widespread distress to approximately 15000 students and parents. Further preliminary analysis of the evidence collected during search action suggests a systematic scheme to siphon off funds, thereby defrauding students and their parents under the guise of educational services. During search Cash of Rs. 10 Lakh and Jewellery worth Rs. 4.89 Crore were seized. Further investigation is under progress.
