ED Files Chargesheet Against FIITJEE in Money Laundering Case
Lucknow, October 16: The Enforcement Directorate (ED) has filed a chargesheet against FIITJEE Limited and its directors, Dinesh Kumar Goyal and Monila Goyal, in a money laundering case linked to the alleged embezzlement of fees collected from students. The chargesheet was submitted to a special PMLA court in Ghaziabad, as stated in an official release on Friday.
The ED submitted the chargesheet on Thursday, seeking to hold the accused accountable and to confiscate assets worth ₹71.88 crores that were seized during the investigation.
The investigation was initiated based on four FIRs registered by the police in Noida, Greater Noida, and Bhopal, Madhya Pradesh. These FIRs were filed under provisions of the Indian Penal Code (IPC), specifically sections 406, 420, 120B, and 34.
According to the FIRs, FIITJEE allegedly charged each student between ₹2.8 lakh to ₹3.5 lakh in advance for coaching programs lasting two to four years, including preparation for competitive exams like JEE. The institution had assured students that the courses would be completed.
However, the ED alleged that due to non-payment of salaries, teachers left the institution, leading to the sudden closure of several coaching centers without prior notice.
The agency further claimed that the management misappropriated students’ fees for other purposes while continuing to enroll new students despite the departure of teachers.
The Noida police have also filed a chargesheet in this case, naming Dinesh Kumar Goyal and Monila Goyal as accused. The police’s chargesheet is based on statements from nearly 300 victims, coaching center operators, and other witnesses, along with receipts of fees collected and other evidence gathered during the investigation.
The ED’s investigation revealed that FIITJEE abruptly closed 32 centers between May 2024 and February 2025, affecting 14,411 enrolled students who had already paid their coaching fees.
According to the agency, the company continued to enroll new students, including those in programs scheduled to run until March 2029, even though it was allegedly aware that it would not be able to complete these courses.
The ED identified ₹85.79 crores of allegedly misappropriated fees as proceeds of crime.
The investigation also uncovered that Dinesh Kumar Goyal and Monila Goyal received ₹24.92 crores in salaries for the fiscal year 2022-23 and beyond. Dinesh Kumar Goyal was reportedly paid around ₹56 lakh per month, while Monila Goyal received over ₹25 lakh monthly.
The ED noted that payments to the directors continued while other employees faced delays or non-payment of their salaries, and coaching centers were closing down.
Previously, on April 24, 2025, the ED conducted searches at seven locations, seizing ₹10 lakh in cash and jewelry valued at ₹4.86 crores.
Additionally, on October 9, 2026, the agency temporarily attached assets worth ₹66.92 crores under the Prevention of Money Laundering Act (PMLA).
The ED stated that further investigations are ongoing.
