ED Raids 8 Locations Linked To FIITJEE Over Centre Shutdowns

The Enforcement Directorate (ED) raided eight locations in Delhi-NCR on Wednesday as part of a money laundering probe into FIITJEE, a well-known coaching institute. 

This follows an FIR by the Delhi Police’s Economic Offences Wing after parents complained that several FIITJEE centres closed suddenly without notice, leaving them out of pocket despite paying full-year fees in advance. 

Read also- GreenGrahi Raises Rs 32 Cr Funding Led by Avaana Capital

"The allegations claimed that the institute engaged in misleading advertisements, exaggerated success claims, and deceptive marketing tactics to attract students and collect substantial course fees," deputy commissioner of police (EOW) Vikram K Porwal said in the statement.

ED teams searched offices and homes of key figures, including promoter DK Goel, looking into claims that centre fees were diverted for personal use or to other parties. 

The raids in Delhi, Noida, and Gurugram are under the Prevention of Money Laundering Act.

Founded in 1992, FIITJEE has run over 70 IIT-JEE coaching centres across India, but recent events have hurt its reputation.

Startup Funding News: Your Gateway to Every Funding Update.

Latest Startup News: Stay updated with the latest startup news and trends. Your go-to source for startup ecosystem updates.

Startup Stories: Discover inspiring tales of startups overcoming challenges, and achieving success.