The operations, spearheaded by the ED’s investigation unit from Delhi, are being conducted at approximately 10 sites across Jalandhar and Gurugram. These locations include the Tetr College of Business and the Master’s Union School of Business in Gurugram, linked to educational institutions, according to sources.
Notably, the residence of Ashok Mittal—an Aam Aadmi Party (AAP) Rajya Sabha MP and the founder of LPU—is also included in the scope of this operation. Sources have indicated that all entities being examined are part of, or associated with, the larger Lovely University Group ecosystem.
Overview of the investigation
Although the ED has yet to release an official statement, the ongoing searches are related to FEMA, a statute that governs foreign exchange dealings and international financial activities. Investigations under FEMA generally assess whether entities have adhered to regulations concerning foreign investments, receipt of foreign capital, and remittances.
Unlike criminal statutes, FEMA serves as civil legislation; however, violations may incur substantial monetary fines and, in certain instances, could lead to further investigation under more stringent laws if any irregularities are found.
Emphasis on financial connections
The extensive searches across multiple cities suggest that investigators are probing the financial connections among various educational enterprises and related organizations within the group. This could encompass examination of funding arrangements, international partnerships, and any cross-border transactions funneled through affiliated institutions.
Lovely Professional University, based in Jalandhar, ranks among India’s largest private universities, boasting a broad network of both domestic and international academic alliances. The involvement of newer business schools like Master’s Union School of Business and Tetr College of Business in the search indicates that the investigation may focus on a wider ecosystem rather than a single entity.
Political implications
These developments also carry political implications, particularly given Ashok Mittal’s role as an AAP representative in the Rajya Sabha. However, neither Mittal nor the party have provided any official remarks regarding the searches as of now.
Next steps
As the search operations continue, officials are anticipated to examine documents, electronic records, and financial information gathered during the investigation. Subsequent actions will hinge on the discovery of evidence regarding FEMA violations or other regulatory infractions.
Further information is expected to surface once the ED releases an official statement or the searches are complete.
