Guwahati, Jul 16 (IANS): The Enforcement Directorate's Guwahati Zonal Office has provisionally attached assets worth Rs 7.56 crore of Shillong-based CMJ University Foundation trustees Chandra Mohan Jha and his family members and others in a case involving the issuance of fake degree certificates in return of money, an official statement said.

The assets attached, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, are in the form of balances in their bank accounts, fixed deposits, insurance policies, and a landed property.

The ED initiated the investigation on the basis of an FIR and charge sheet filed by Meghalaya Police's CID under various sections of the IPC against the varsity, Jha, his family members, who were also trustees of CMJ Foundation, and others, for defrauding thousands of students by giving them fake degree certificates in return of money.

Around 20,570 degrees were illegally issued by CMJ University.

The ED investigation revealed that after selling the fake degrees, the funds so received in their bank accounts were diverted after rotating among bank accounts in various banks and mutual funds maintained by the members of the Jha family and given the colour of genuine transactions.

Some of the funds were also invested in fixed deposits.

The proceeds of crime, also invested in landed properties, have been quantified at Rs 83.52 crore, out of which the ED had earlier attached properties worth Rs 41.2 crore.

The total attachment in this case, till date, stands at Rs 48.76 crore (approx.).

Further investigations are underway.