Financial Freeze: FIITJEE's Sudden Shutdown Sparks Legal Action

The police have requested banks to halt transactions in 380 accounts linked to FIITJEE after its abrupt closure of coaching centers in Noida and Ghaziabad. FIITJEE's founder and top executives are under investigation, and three separate cases have been filed amid financial inquiries and unpaid salaries.

The sudden shutdown of FIITJEE's coaching centers in Noida and Ghaziabad has led the police to request a freeze on 380 related bank accounts, officials announced on Tuesday.

Key figures, including FIITJEE founder D. K. Goyal, are facing legal scrutiny with cases filed in Noida, Greater Noida, and Ghaziabad. High-ranking executives such as CFO Rajiv Babbar and COO Manish Anand have been named in the ongoing investigations as authorities probe financial activities and allegations of non-payment to staff.

With Rs 60 lakh found across five accounts in one bank alone, Noida's Deputy Commissioner of Police Rambadan Singh stated further financial audits are underway. Despite notices sent for statements, only a former employee has come forward, reflecting the gravity of the sudden closures affecting Delhi-NCR's competitive exam preparatory landscape.

(With inputs from agencies.)