The data reveals a steady stream of revenue declared as "Receipts from main object" or "Educational Revenue." From FY 2018-19 to FY 2024-25, these declared incomes surged, including Rs 41.97 crore in 2019-20, Rs 89.28 crore in 2022-23 and Rs 80.10 crore in 2024-25. The ED has concluded that the aggregate educational income during the years the institutes were operating without valid accreditation amounts to Rs 415.10 crore.

The agency has stated that these are proceeds of crime rather than steady income to run the institution citing that these receipts were "collected by deception, using false statutory and false accreditation claims," thereby directly linking the funds to the scheduled offences of cheating and forgery.

The ED also said that there are critical red flags in the group's financials. "The financials of the various entities are at variance with the huge amount of assets / wealth accumulated by the group,” it said. The agency is probing potential diversions of funds such as the alleged routing of hostel and mess fees to a family-run entity named Anla Enterprises LLP and funds transferred to another family-linked firm, Karkun Construction and Developers, for construction contracts.

The agency has got 13 days custody of Jawad Ahmed Siddiqui, chairman and founder of the varsity, who was arrested on November 18 on charges of money laundering.