Bhopal:College-Bank nexus diverted govt scholarship, 7 booked

The CBI has booked seven persons, including officials of the Academy of Management College, Bhopal, and UCO Bank, for allegedly colluding to siphon off government scholarships for MBA students by opening 118 forged bank accounts. The probe agency has registered an FIR against the Senior Branch Manager of UCO Bank, Prema Verma, Director of the College Vinay Malhotra, his brother Aditya Malhotra, Assistant Professors Manoj Jain and Vinesh Meshram and an employee of the college, Ram Singh Verma, they said.
"118 savings bank accounts were opened in the names of MBA students of Academy of Management College, Bhopal, MP, without their knowledge and consent, and thereafter, the scholarship amount granted by the Government (Rs 99.48 lakh) was credited into these bank accounts, which were dishonestly and fraudulently misappropriated by the accused," the FIR alleged. According to the FIR, the alleged fraud took place between January 2020 and October 2021. It originated from a written complaint filed by the Deputy General Manager and Zonal Head of the
nationalised bank in Bhopal, following which the CBI conducted a preliminary enquiry. The enquiry allegedly found that 118 savings accounts were opened at the Habibganj branch in the names of MBA students of Academy of Management College without their knowledge or consent.
Investigators found prima facie evidence that the college authorities were involved in opening the accounts, linking their own mobile numbers to them, obtaining ATM cards and withdrawing scholarship money. The CBI alleged that account opening forms carried forged signatures and false particulars, mandatory KYC verification was bypassed and fabricated bonafide certificates purportedly issued by the college were used to support the applications.