ED Files Charges Against FIITJEE and Directors in Money Laundering Case

Lucknow, October 16 (Daily Kiran) : The Enforcement Directorate (ED) has filed a chargesheet against FIITJEE Limited and its directors, Dinesh Kumar Goyal and Monila Goyal, in a money laundering case related to the alleged embezzlement of fees paid by students. This action took place in a special court in Ghaziabad, as announced in an official statement on Friday.

The chargesheet was submitted on Thursday, with the agency seeking to hold the accused accountable and to seize properties worth ₹71.88 crore that were confiscated during the investigation.

The ED initiated its inquiry based on four FIRs filed by police in Noida, Greater Noida, and Bhopal, Madhya Pradesh. These FIRs were registered under provisions of the Indian Penal Code (IPC), specifically sections 406, 420, 120B, and 34.

According to the FIRs, FIITJEE allegedly charged each student between ₹2.8 lakh and ₹3.5 lakh in advance for coaching programs lasting two to four years, aimed at preparing for competitive exams like JEE. The institute assured students that the courses would be completed.

However, the ED claims that many teachers left due to non-payment of salaries, leading to the abrupt closure of several coaching centers without prior notice. The agency further alleged that the management misappropriated students’ fees while continuing to enroll new students, despite knowing they could not fulfill the promised courses.

Noida police have also filed a chargesheet in this case, naming Dinesh Kumar Goyal and Monila Goyal as accused. This document is based on testimonies from nearly 300 victims, coaching center operators, and other witnesses, along with receipts and other evidence collected during the investigation.

The ED’s investigation revealed that FIITJEE closed 32 centers unexpectedly between May 2024 and February 2025, impacting 14,411 enrolled students who had already paid their coaching fees. Despite this, the company continued to enroll new students, including those in programs scheduled to run until March 2029, while allegedly being aware of its inability to deliver on these courses.

The agency identified ₹85.79 crore in fees as proceeds of crime. It was also found that Dinesh Kumar Goyal and Monila Goyal received ₹24.92 crore in salaries for the fiscal year 2022-23 and beyond, with Goyal earning approximately ₹56 lakh per month and Monila Goyal over ₹25 lakh monthly.

The ED noted that while the directors continued to receive their salaries, many employees faced delays or non-payment of wages, and coaching centers were shutting down.

Earlier, on April 24, 2025, the ED conducted searches at seven locations, seizing ₹10 lakh in cash and jewelry valued at ₹4.86 crore. Additionally, on October 9, 2026, the agency temporarily froze assets worth ₹66.92 crore under the Prevention of Money Laundering Act (PMLA).

The investigation is ongoing, according to the ED.