ED Attaches Rs.64.53 Lakh in Assets in Dr. Rajendra Prasad's Disproportionate Assets Case

The ED’s recent move follows an investigation initiated based on an FIR registered by the SVU in Patna. The charges against Dr. Rajendra Prasad include criminal conspiracy and dishonestly cheating the Government of Bihar in various confidential printing works during his tenure as Vice Chancellor of Magadh University, Bodh Gaya.

Freezing Assets: A Closer Look at the Provisional Attachments

In a significant development, the ED has provisionally attached immovable and movable assets worth Rs.64.53 Lakh under the Prevention of Money Laundering Act, 2002. These assets, registered in the names of Dr. Rajendra Prasad’s family members and a family-owned trust, are located in Dhanghata, district of Sant Kabir Nagar, Uttar Pradesh.

Financial Irregularities Unveiled: Proceeds of Crime and Property Acquisitions

The ED’s investigation has uncovered a trail of financial irregularities spanning September 2019 to November 2021. Dr. Rajendra Prasad is alleged to have utilized the proceeds of crime to acquire five properties in cash, cleverly registering them in the name of his son Dr. Ashok Kumar, & R.P College, represented by his brother Awadhesh Prasad.

ED has provisionally attached immovable and movable properties worth Rs.64.53 Lakh under the PMLA, 2002 in connection with Disproportionate Assets (DA) case of Dr. Rajendra Prasad, former Vice Chancellor, Magadh University. The immovable properties are registered in the names of…

— ED (@dir_ed) December 6, 2023

Conspiracy Unearthed: Family-Owned Trust as a Facade

The ED reveals a well-planned conspiracy involving Dr. Rajendra Prasad and his family members. The properties acquired with the proceeds of crime were projected as untainted by using the Pyari Devi Memorial Welfare Trust, a family-owned trust, as a conduit. The trust was allegedly used to deposit the ill-gotten gains, portraying them as legitimate income.

A Systematic Unraveling of Financial Misconduct

As the ED tightens its grip on the Disproportionate Assets case involving Dr. Rajendra Prasad, the intricate details of financial misconduct, conspiracy, and fraudulent activities are coming to light. The provisional attachment of assets serves as a significant step in holding accountable those involved in corrupt practices, ensuring transparency and justice in the pursuit of truth.

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