TaxTMI 
TaxTMI 
FIIT JEE claims allegations against it conspiracy by competitors
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....IIT JEE claims allegations against it conspiracy by competitors<BR>PTI News<BR>Dated:- 30-4-2025<BR>PTI<BR>New Delhi, Apr 30 (PTI) IIT entrance exam coaching institute FIIT JEE on Wednesday claimed that allegations of financial irregularities against the organisation and its promoters were a "conspiracy" by competitors and the police and ED probes were guided by "baseless" assumptions. The Enfor....
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....cement Directorate had conducted multi-city searches at the premises of FIIT JEE founder chairman and director D K Goel and other executives of the company on April 24 as part of a money laundering investigation. The ED action came on the basis of FIRs filed by parents against the company and its directors in Delhi, Uttar Pradesh and Madhya Pradesh. The federal probe agency last week said in a s....
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....tatement that the coaching institute collected more than Rs 200 crore as fee from thousands of students and their parents but "did not" deliver the educational service indicating "serious" financial irregularities and siphoning of funds. "FIITJEE firmly asserts that there is no fraud or malpractice and all allegations stem from a conspiracy by competitors. FIITJEE claims that the FIRs and ED act....
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....ion are guided by malicious campaigns and baseless assumptions," Goel said in a statement. Goel said FIITJEE has always followed a "well-defined" fee collection process and "delivered" promised educational services, including uninterrupted online classes for affected students. The so-called claim that 32 centres were closed is "incorrect" and their operations were "disrupted" due to "external ....
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....pressures" and a "targeted" campaign, Goel said. He claimed that despite incurring financial "losses" for the past several years, it has continued to provide "quality" education to students. Goel claimed that "no incriminating documents or financial irregularities" were found by authorities, as reported by the media on the basis of a press statement issued by the ED. He claimed that the cash....
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.... and jewellery seized by the ED were "legal", with paperwork explained in income tax returns. The promoter claimed that FIITJEE management did not close any of the centres but they were "abandoned" by the employees under a "conspiracy" involving its staff and their competitors. The ED had said that it seized Rs 10 lakh in cash and jewellery worth Rs 4.89 crore during the searches. Probe foun....
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....d, the agency said, that FIIT JEE collected about Rs 250.2 crore from a total of 14,411 students for four academic sessions between 2025-26 to 2028-29. "Substantial amounts were collected from students of currently running batches by FIIT-JEE under the pretext of providing educational services, which were ultimately not delivered," it said. The funds were allegedly diverted for personal and unau....
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....thorised use, while faculty salaries remained unpaid, the ED had said. PTI NES MR MR<BR> News - Press release - PIB....