Enforcement Directorate arrests Madan of Vendhar Movies


On Wenesday, The Enforcement Directorate (ED) said that it has arrested B Madan of Vendhar Movies under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA) for cheating the public of Rs 91 crore in the guise of medical admission in the SRM Group of Institutions.

The ED in an announcement said it has enrolled a body of evidence under PMLA against Madan and others for duping under Section 406 and 420 of IPC, 1860.

It said Madan had gathered a few crores of rupees for entrance into SRM Medical College, and after that slipped off.

No less than 133 guardians have documented complaints against Madan and it is evaluated that Rs 91 crore has been gathered by him for securing restorative school confirmation amid 2016.

Madan had departed suddenly and was at last captured by Tamil Nadu Police. He was later let out on safeguard.

Amid examination directed under PMLA, articulations have been recorded from a few casualties.

As indicated by the ED, the casualties had said that they paid sums going from Rs 50 lakh to Rs 1.05 crore to Madan in cash for a medicinal school situate in the SRM Medical College however they were duped.

The SRM administration said they don’t had anything to do with Madan.

Madan in his deliberate explanation had conceded that he gathered about Rs 91 crore from 133 guardians for confirmation of their wards in MBBS/PG situates in SRM Medical College.

Be that as it may, he likewise said that he had paid these sums on a week after week premise to the SRM administration, the ED educated.

As per the ED, Madan has procured a few properties however did not uncover the wellspring of his assets.

“Details of his properties are being collected. The investigations revealed that Shri B. Madan has laundered a part of the proceeds of crime by investing in various properties and thus involved in the offence of money laundering,” the ED said.