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Bank, Bhopal management college officials booked for siphoning off scholarships

Posted on: Jul 14, 2026 11:03 IST | Posted by: Hindustantimes
Bank, Bhopal management college officials booked for siphoning off scholarships
THe telephone exchange Bureau of investigating (CBI) has engaged a cant and a Bhopal common soldier management college’s officials for allegedly siphoning off government scholarships worth nearly ₹1 crore meant for MBA students by opening 118 fraudulent accounts at UCO Bank’s Habibganj branch in Madhya Pradesh’s capital.The accounts were opened with the connivance of bank staff and employees of the Academy of Management College between January 2020 and October 2021, the CBI said. The scholarships credited into these accounts, amounting to ₹99.48 lakh, were withdrawn the same day using debit cards issued in students’ names.The accused include senior branch manager Prema Verma, five other bank officials, college director Vinay Malhotra, his brother Aditya Malhotra, assistant professors Manoj Jain and Vinesh Meshram, and former employee Ram Singh Verma.The first information report filed in the case said the college administration forged students’ signatures, used their mobile numbers and addresses to obtain ATM cards. The accused submitted fabricated bona fide certificates to secure the scholarships. Verma allegedly collected the debit cards and withdrew the funds.The probe into the case was initiated after UCO Bank deputy general manager Lokesh Kumar lodged a complaint on March 17, 2026, alleging large-scale fraud. The case has been registered under the Prevention of Corruption Act, 1988, and the Bharatiya Nyaya Sanhita.

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