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ED attaches properties worth Rs 64.53 lakh in DA case against former Magadh University VC

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New Delhi | December 6, 2023 1:51:38 PM IST
The Enforcement Directorate (ED) has provisionally attached immovable and movable properties valued at Rs 64.53 lakh under the Prevention of Money Laundering Act, 2002 (PMLA). The action is part of an investigation into a Disproportionate Assets (DA) case involving Dr Rajendra Prasad, the former Vice Chancellor of Magadh University.

Enforcement Directorate posted on X, "ED has provisionally attached immovable and movable properties worth Rs.64.53 Lakh under the PMLA, 2002 in connection with Disproportionate Assets (DA) case of Dr. Rajendra Prasad, former Vice Chancellor, Magadh University. The immovable properties are registered in the names of family members and family-owned trust of Dr Rajendra Prasad and are located in Dhanghata, district Sant Kabir Nagar, Uttar Pradesh".

The attached properties, both immovable and movable, are allegedly linked to Dr Rajendra Prasad and his family members, including a family-owned trust.

These assets are situated in Dhanghata, district of Sant Kabir Nagar, Uttar Pradesh. The provisional attachment aims to prevent the dissipation of these assets during the ongoing investigation.

The ED initiated its inquiry based on an FIR filed by the Special Vigilance Unit (SVU), Patna, under the Prevention of Corruption Act, 1988, and IPC, 1860.

The allegations against Dr Rajendra Prasad include entering into a criminal conspiracy while serving as the Vice Chancellor of Magadh University, Bodh Gaya, and engaging in fraudulent activities related to confidential printing works.

During searches conducted by special vigilance unit (SVU), Patna, on premises associated with Rajendra Prasad, cash amounting to Rs 1.84 crore was seized, and the available balance of Rs 90.79 lakh in his bank accounts was frozen.

The ED's investigation revealed that between September 2019 and November 2021, Dr Rajendra Prasad utilized proceeds of crime to acquire five properties in cash.

These properties were registered in the name of his son, Ashok Kumar, and RP College represented by his brother, Awadhesh Prasad. Subsequently, the properties initially under RP College were transferred to Pyari Devi Memorial Welfare Trust on a lease.

Furthermore, it was found that Dr Prasad deposited the proceeds of the crime in the bank account of Pyari Devi Memorial Welfare Trust, a family-owned trust, to portray it as income of the trust.

The ED stated that the investigation brought to light a well-planned conspiracy orchestrated by Dr Rajendra Prasad involving his family members.

The objective was to project the properties acquired with proceeds of crime as untainted by utilizing the family-owned trust as a conduit.

The provisional attachment of properties underscores the ED's commitment to curbing money laundering activities and ensuring that ill-gotten gains are prevented from being utilized or transferred.

The investigation continues to unravel the complexities of the case, shedding light on the alleged financial irregularities involving the former Vice Chancellor of Magadh University. (ANI)

 
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