The action has been taken under the Prevention of Money Laundering Act (PMLA), after a money laundering case was registered against the kingpin.
Rai, who is the Secretary-cum Principal of Vishun Roy College in Vaishali district of Bihar, is accused of manipulating the results of students for money, through his contacts in Bihar School Education Board (BSEB).
The scam came to light on May 31, 2016, when BSEB Arts and Humanities topper Ruby Rai, Science topper Saurabh Shrestha and third topper in Science stream Rahul Kumar were interviewed by television channels and they were unable to answer to basic questions.
Soon, an investigation began in the matter, following which the ED registered a case last year on the basis of Bihar Police FIR and the investigation of the Special Investigation Team (SIT). (ANI)