On Thursday, the Directorate of Enforcement (ED) attached movable and immovable assets worth Rs. 307.61 crore in a money laundering case involving Nimmagadda Upendranath, Mani Akkineni, and other members of the NRI Academy of Medical Sciences (NRIAS).
The ED conducted searches on the NRIAS and its members in December last year.
The properties seized included Rs. 15.61 crore in bank accounts, as well as land and buildings in the two Telugu states.
The ED initiated an investigation based on FIRs registered by the Mangalagiri police of Andhra Pradesh for criminal conspiracy, cheating, and forgery in relation to NRIAS funds.
The ED alleged that the accused fraudulently siphoned off society funds for personal gain and charged patients rates higher than those prescribed by the government during the Covid-19 pandemic.
The ED also claimed that the accused collected admission fees from MBBS/PG students under management quota in cash and foreign currency.
Furthermore, they allegedly formed a private limited company, NRIAS Pvt. Ltd., to deceive AP Medical Services and Infrastructure Development Corporation (APMSIDC) and diverted funds from society to associated entities.
