Money Laundering Investigation Targets FIITJEE
The Enforcement Directorate (ED) has initiated a money laundering investigation into the renowned coaching institution FIITJEE, conducting searches at eight different locations throughout Delhi-NCR. These operations were executed under the Prevention of Money Laundering Act (PMLA) and are connected to several FIRs filed by the Economic Offences Wings (EOW) of both Delhi and Noida Police.
This investigation commenced after reports surfaced from parents who alleged that FIITJEE abruptly shuttered several centres without any advance notice, disrupting the education of students and withholding necessary refunds.
As reported by Mint, ED officials examined FIITJEE’s offices and properties linked to its founder and Managing Director, Dinesh Kumar Goel. The Delhi Police has already charged Goel and the institution under various sections of the IPC related to acts of cheating, criminal conspiracy, and breach of trust.
The same report highlighted that Dinesh Goyal’s Permanent Account Number (PAN) was associated with 172 current accounts and 12 savings accounts. In February, the Noida Police froze a substantial sum of Rs 11.11 crore across 12 bank accounts associated with the founder of FIITJEE.
Established in 1992, FIITJEE has been a significant player in the Indian IIT-JEE coaching segment, managing over 70 centres across the country. Nevertheless, recent events have raised concerns regarding its reputation. Additional complaints mention inflated marketing promises and a failure to adhere to refund policies, as reported by The New Indian Express.
In response, parents and students have been protesting outside the closed centres, demanding accountability from the institution. A parent outside FIITJEE’s east Delhi office expressed, “A significant investment was made based on trust, leaving us feeling completely blindsided.”
Although FIITJEE has not yet provided an official statement, this incident has ignited renewed discussions about the need for regulation within India’s flourishing private coaching sector. The ED’s investigation continues to develop.