Bengaluru: ED seizes assets of former Alliance University chancellor in money laundering case

The Enforcement Directorate seized assets worth Rs 19.43 crore in connection with a money laundering case filed against former Alliance University Chancellor Madhukar G Angur. The adjoining assets include a bank account, six apartments and two land.

ED had opened a money laundering investigation on the basis of an FIR registered by the Bengaluru police against Madhukar G Angur and his associates under articles of the Indian Penal Code.

According to ED, Madhukar G Angur allegedly asked parents to deposit their children’s school fees into illegally opened bank accounts in the name of Srivari Educational Services.

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“The parents of nearly 4,500 students were allegedly persuaded to deposit the fees into illegally opened bank accounts and an amount of 107 crore rupees was deposited and embezzled by Madhukar Angur and others during the year 2016 and 2017, in the name of illegally collecting tuition, board and other fees from the student community, ”the ED said.

According to ED, a huge amount of money was transferred from the Srivari Educational Services bank account to the personal bank accounts of Madhukar G Angur and his close associate Priyanka M Angur, Ravi Kumar K, Shruthi. Investigators alleged that the ill-gotten money was withdrawn by the defendants in cash and used for their personal benefit.

The attached assets belong to Madhukar G Angur, Priyanka M Angur, Ravi Kumar K, Shruthi and Pavana Dibbur.

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