PMLA Case: Al-Falah University Chairman In 3-Day Police Custody

(MENAFN- AsiaNet News)

The Saket court on Saturday approved a three-day police custody of Al-Falah University Chairman, and Director and major shareholder of Tarbia Education Foundation, Jawad Ahmad Siddiqui, who was arrested on March 24 in connection with a Prevention of Money Laundering Act (PMLA) case.

The Al-Falah Trust allegedly generated proceeds of crime quantified at Rs. 493.24 Crore, being the fee receipts obtained by inducing admissions of students in institutions.

The prosecuting agency had alleged that the applicant deceived multiple regulators to obtain an Essentiality Certificate from the Government of Haryana and the permissions from the National Medical Commission.

Earlier, on May 2, the court dismissed the regular bail plea of Jawad Ahmed Siddique. He sought a regular bail in a money laundering case connected with Al Falah Trust. The Enforcement Directorate (ED) has already filed a charge sheet against him. Additional Sessions Judge (ASJ) Sheetal Chaudhary Pradhan dismissed the bail application after hearing arguements by counsel for accsued and the ED.

Court Cites Misuse of Funds for Bail Rejection

While rejecting the bail, the court noted, "It is evident that the POC generated from the Al-Falah University/trust/college were routed through the related parties, i.e. Amla Enterprises LLP, Karkun Constructions & Developers and Diyala Construction and Developers Pvt Ltd, owned by his wife, children, and trusted employees, but ultimately controlled by himself, took money from India to abroad and invested in the business, movable and immovable properties abroad."

"Thus, as Managing Trustee and Chancellor, he abused his fiduciary duties by using charitable and educational institutions as instruments for personal, family, and commercial benefit, in violation of statutory obligations," ASJ Sheetal Chaudhary Pradhan said in the order.

ED Alleges Generation of Rs 493.24 Crore in Crime Proceeds

The aggregate income for years out of NAAC accreditation and false projection of UGC recognition under section 12(B), resulted in the generation of proceeds of crime by the accused in the form of educational receipts received by Al-Falah Charitable Trust, Al-Falah University and all the institutes, including the Medical college under Al-Falah Charitable Trust, comes to Rs. 493.24 Crore, the ED had told the court. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

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