New Delhi: The Central Bureau of Investigation (CBI) has uncovered an alleged ₹1 crore scholarship scam in Bhopal, revealing how fake bank accounts, forged documents, and manipulated verification processes were used to siphon off government funds meant for management students.
According to the investigation, 118 bank accounts were opened in the names of MBA students between January 2020 and October 2021 without their knowledge. Nearly ₹99.49 lakh in scholarship funds was credited to these accounts, but none of the students received the money or were even aware that such accounts existed.
The CBI has registered a case against six individuals, including a former senior manager of UCO Bank’s Habibganj branch, and is examining whether similar frauds may have occurred at other educational institutions.
Investigators allege that the college administration prepared account opening forms using students’ identities and forged their signatures. The mandatory Know Your Customer (KYC) verification process was allegedly bypassed or fraudulently completed, while several personal details were entered incorrectly.
The probe also found that the mobile numbers linked to the accounts belonged to college employees or their associates rather than the students. As a result, one time passwords required to authorise transactions were received by those allegedly involved in the scam.
The ATM cards issued for these accounts were reportedly never handed over to the students. Instead, they were allegedly controlled by a college employee who withdrew the scholarship money almost immediately after it was credited.
The investigation began after a senior UCO Bank official reported suspicious account activity, prompting a detailed examination of banking records, scholarship payments, and account opening documents.
Among those named in the case are former bank manager Prema Verma, college director Vinay Malhotra, professors Aditya Malhotra, Manoj Jain and Vinesh Meshram, along with college employee Ram Singh Verma. The CBI has invoked charges under the Prevention of Corruption Act as well as offences related to fraud, forgery, and the use of forged documents. Additional unidentified individuals have also been named, indicating that the investigation could widen further.
The accused have denied any wrongdoing, while the college administration has stated that it is cooperating fully with investigators and maintains that no irregularities occurred in the scholarship scheme.
