Big Breaking: ED seized Andhra Pradesh College Society assets worth INR 307cr

The Enforcement Directorate (ED) has attached assets worth over Rs 304 crore of the Andhra Pradesh Medical College Society and its office-bearers. The ED said that this action has been taken under the Prevention of Money Laundering Act (PMLA). According to the agency, this action has been taken in connection with the alleged diversion of funds received from Kovid patients and students seeking admission.

According to the Enforcement Directorate, the action was taken against the NRI Academy of Medical Sciences (NRIAS) in the Guntur district of Andhra Pradesh and its officials Nimmagadda Upendranath, Mani Akkineni and others. The provisionally attached assets include Rs 15.61 crore held in bank accounts, land, and buildings located in Andhra Pradesh and Telangana.

This action has been taken by the ED by issuing a temporary order under the Prevention of Money Laundering Act. The total value of the attached assets is Rs 307.61 crore. The ED has alleged that the members and officers of NRIAS fraudulently collected huge funds from society and used the same for their personal gains.