ED Files Chargesheet Against FITJEE Ltd, Seeks Seizure of ₹71.88 Crore in Assets

Lucknow, October 16 (Daily Kiran) : The Enforcement Directorate (ED) has filed a chargesheet against FITJEE Limited and its directors, Dinesh Kumar Goyal and Monila Goyal, in connection with a money laundering case. This legal action was initiated at the ED’s zonal office in Lucknow.

On Friday, the ED submitted a prosecution complaint in a special PMLA court in Ghaziabad, requesting the seizure of assets worth ₹71.88 crore that were seized and temporarily attached during the investigation.

The ED’s inquiry began based on four FIRs registered by the Uttar Pradesh police in Noida and Greater Noida, as well as by the Madhya Pradesh police in Bhopal. The FIRs allege that FITJEE collected advance fees ranging from ₹2.8 lakh to ₹3.5 lakh per student for coaching programs designed for competitive exams like the JEE, promising to deliver complete courses.

However, faculty members left due to unpaid salaries, and several centers were abruptly closed without notice. The management is also accused of diverting fees and continuing to collect payments from new students under false pretenses even after faculty departures.

Noida police have filed a chargesheet naming Dinesh Kumar Goyal and Monila Goyal as accused. This document is supported by statements from approximately 300 victims, operators of FITJEE coaching centers, and other witnesses, alongside fee receipts and additional evidence gathered during the investigation.

The investigation revealed that between May 2024 and February 2025, FITJEE suddenly shut down 32 centers, leaving 14,411 students without coaching, despite having paid their full fees. The company continued to enroll students for programs scheduled to run until March 2029, even knowing it could not fulfill its obligations. The misappropriated fees are estimated to amount to ₹85.79 crore, classified as proceeds of crime.

Further investigation indicated that Dinesh Kumar Goyal and Monila Goyal, who control the company, drew ₹24.92 crore in salaries during the fiscal year 2022-23. Monila Goyal holds 86.31% of the company’s shares, raising concerns about the legitimacy of their salary approvals, which lacked independent oversight. Dinesh Goyal reportedly received around ₹56 lakh per month, while Monila Goyal earned over ₹25 lakh per month, despite admitting to rarely visiting the office and only signing checks from home. Payments continued to be made to them even during the center closures.

Previously, on April 24, 2025, the ED conducted raids at seven locations, seizing ₹10 lakh in cash and jewelry worth ₹4.86 crore. On October 9, 2026, assets valued at ₹66.92 crore were temporarily attached under the PMLA, 2002. The investigation is ongoing.