The Enforcement Directorate filed a prosecution complaint against FIITJEE and its directors on Thursday, accusing them of siphoning ₹85.79 crore from students’ coaching fees.
The agency cited four FIRs lodged by Uttar Pradesh and Madhya Pradesh police, alleging that the institute collected ₹2.8‑₹3.5 lakh per student for multi‑year programs while abruptly shutting 32 centres between May 2024 and February 2025.
In the wake of the closures, 14,411 enrolled students were left without the promised instruction, yet FIITJEE continued to admit new candidates for programs stretching to 2029, collecting fresh fees on false assurances.
Internal audit revealed that the Goels, who own 86.31% of shares, approved hefty salaries for themselves—₹56 lakh monthly for Dinesh and over ₹25 lakh for Monila—despite staff salaries being delayed or unpaid; the misappropriated sum is quantified at ₹85.79 crore.
Earlier searches at seven premises uncovered ₹10 lakh in cash and jewellery worth ₹4.86 crore; the agency has attached properties worth ₹66.92 crore under PMLA provisions, with a provisional attachment of ₹71.88 crore already in place.
The special PMLA court in Ghaziabad will hear the case in the coming weeks, with the ED demanding conviction of the directors and the confiscation of the seized assets. The outcome will set a precedent for regulatory scrutiny of private coaching firms across the country.