The Enforcement Directorate investigations into the Vyapam scam money trail received a major boost with the Adjudicating Authority on Monday confirming the attachment of assets worth over Rs. 3 crore of Jagdish Sagar, an alleged mastermind.
It is learnt that a financial institution which extended loans to Sagar for purchasing a property in question has also come under ED scrutiny. During the proceedings before the Adjudicating Authority, the institution defended its decision claiming that it was a valid transaction.
The directorate’s Indore unit has obtained a favourable order from the Adjudicating Authority confirming that the provisional attachment of 14 properties belonging to Sagar, made in March, is legitimate under the provisions of the Prevention of Money Laundering Act.
Accordingly, a public notice will soon be issued cautioning people against dealing with the properties in question as they may be confiscated by the government at the later stage of court proceedings.
Among the attached properties are a land parcel of 4.8 hectares, four luxury cars and jewellery and cash, all amounting to an on-paper value of Rs. 3.33 crore.
The Special Task Force (STF) of Madhya Pradesh Police had named Sagar as one of the masterminds of the scam involving fraudulent selection of candidates to State government services and educational institutions.
The ED now plans to file a criminal complaint against Jagdish Sagar and other accused persons. Investigations have revealed that he deposited ill-gotten money in fixed accounts in banks and used them as collateral to take loans to buy property.
Chain of transactionsThe agency has established the entire chain of transactions proving that Sagar had bought property and luxury cars on loans obtained through the same modus operandi.
Over two dozen accused persons in the Vyapam scam are currently being probed by the Directorate.
Among them are former Madhya Pradesh Technical Education Minister Laxmikant Sharma, the then Vyapam Controller of Examination Pankaj Trivedi and principal system analyst Nitin Mahindra, who are also being investigated by the Central Bureau of Investigation.
