The Lucknow zonal office of the Enforcement Directorate (ED) has intensified its legal action against test-preparation institute FIITJEE Limited and its directors Dinesh Kumar Goyal and Monila Goyal in connection with an alleged money laundering case. On October 15, 2026, the investigative agency submitted a formal prosecution complaint before a special PMLA court in Ghaziabad. Through this filing, the agency has sought the conviction of the accused individuals alongside the final confiscation of seized and provisionally attached assets valued at Rs 71.88 crore.
Money Laundering Probe Triggered By Multiple Police FIRs
The anti-money laundering investigation originated from four initial police FIRs registered in Noida and Greater Noida in Uttar Pradesh, as well as Bhopal in Madhya Pradesh. Aggrieved students and parents had approached authorities complaining of extensive cheating and financial misconduct. According to the complaints, FIITJEE charged hefty advance fees ranging between Rs 2.8 lakh and Rs 3.5 lakh per student for long-term coaching programs stretching from two to four years for competitive exams such as the JEE. The institute explicitly assured parents that comprehensive instruction would be provided throughout the tenure. In reality, the teaching faculty went unpaid for extended periods, prompting widespread resignations across centres, which subsequently resulted in the sudden shutdown of several branches without prior notice.
Crucially, management continued to enroll new students and collect steep advance fees even after faculty members had departed, despite having full knowledge that concluding the contracted coaching syllabus was impossible. The Noida police previously filed a formal chargesheet naming Dinesh Kumar Goyal and Monila Goyal as the key accused. The police chargesheet documented statements from around 300 victimized students and parents, depositions from local centre operators and other witnesses, alongside tuition receipts and other physical and financial evidence gathered during field inquiries.
32 Centres Shut Down As 14411 Students Suffer Disruption
Findings from the PMLA inquiry revealed that FIITJEE abruptly shut down 32 centres across the country between May 2024 and February 2025. This sudden action derailed the academic preparations of 14,411 enrolled students who were left stranded without receiving the coaching they had fully paid for. Investigators discovered that the company aggressively admitted candidates into extended batches scheduled to operate until March 2029, fully aware that it lacked the operational capacity and teaching personnel to deliver those programs.
The agency alleged that the tuition money collected from families was funneled and utilized while the corporate entity was sustaining continuous business losses. The portion of the student fee revenue retained and allegedly diverted by the company has been calculated at Rs 85.79 crore. The Enforcement Directorate has classified this entire Rs 85.79 crore pool as proceeds of crime generated through fraudulent undertakings.
Directors Drew Rs 24.92 Crore While Staff Faced Pay Delays
The financial inquiry uncovered steep remuneration packages drawn by directors Dinesh Kumar Goyal and Monila Goyal. Across the period starting from the financial year 2022-23 onward, the duo collectively withdrew Rs 24.92 crore in executive salaries. Because the Goyal family retains an 86.31% controlling stake in FIITJEE Limited, the directors routinely approved their own hefty pay packages without any independent board oversight or institutional scrutiny.
While regular staff and teachers suffered prolonged salary delays or total non-payment, the company leadership consistently prioritized their personal disbursements. Records indicate that Dinesh Kumar Goyal drew an estimated monthly compensation of Rs 56 lakh. Monila Goyal received a monthly salary in excess of Rs 25 lakh. In her statements, Monila Goyal acknowledged that she did not visit corporate offices on a regular basis and primarily signed banking cheques from home. The agency stated that her lucrative monthly remuneration continued uninterrupted even as physical coaching centres were shuttering nationwide.
Searches, Provisional Attachments, And Court Action
The enforcement agency conducted search operations across seven premises on April 24, 2025. During these raids, officials seized Rs 10 lakh in unaccounted cash alongside gold and diamond jewellery worth Rs 4.86 crore. Following this, on October 9, 2026, the agency issued a provisional attachment order under PMLA clauses covering assets worth Rs 66.92 crore. With the submission of the prosecution complaint on October 15, 2026 in the Ghaziabad special court, the agency has formally moved to convict the promoters and permanently forfeit the attached and seized properties worth Rs 71.88 crore to the state.
