ED attaches Madan’s assets worth Rs 6.35 crore

The attached properties include a 1,235 sq ft of land on Gangappa Naidu Street, Vadapalani, 1,250 sq ft undivided share of land in Saligramam, 2.98 acres of land and house in Vadakkevila, Kerala and 3.23 acres of land and house in Mundaykal village in Kerala. 

ED has stated that during the investigations, Madan was found to have purchased several properties using the huge amounts he received from parents promising medical seats to their wards in SRM Institutions. Since Madan could not show any legitimate source of income for purchase of such properties, ED registered a case under Prevention of Money Laundering Act (PMLA) against him and has acquired the properties. 

ED has taken the action based on Central Crime Branch’s (CCB) FIR, which said that Madan collected several crores of money promising admission for candidates in SRM Medical College and then absconded. About 133 parents had filed complaints against Madan and it is estimated that about Rs 91 crore have been collected by him. 

During the investigation, victims had stated that they paid amounts ranging from Rs 50 lakh to Rs 1.05 crore to Madan in cash in return for a medical seat.