The Central Bureau of Investigation (CBI) has uncovered an alleged scholarship scam in Bhopal in which government scholarship money meant for MBA students was fraudulently withdrawn through bank accounts opened without the students’ knowledge. The agency has registered a case against a former UCO Bank manager and five officials associated with the Academy of Management College, Bhopal.
Scholarship Money Allegedly Diverted Through Fake Bank Accounts
According to the CBI, nearly ₹99.48 lakh in government scholarships was misappropriated between January 2020 and October 2021. The money was credited into 118 bank accounts that were allegedly opened in the names of MBA students without their knowledge or consent.
The case came to light after Lokesh Kumar, Deputy General Manager and Zonal Head of UCO Bank, Bhopal, filed a complaint about irregularities in the opening and operation of these accounts at the bank’s Habibganj branch.
How the Alleged Fraud Worked
The CBI alleges that college officials arranged for fake bank accounts to be opened using forged documents and false personal details. Mandatory Know Your Customer (KYC) verification was allegedly ignored while opening these accounts.
Investigators say the accused linked their own or their associates’ mobile numbers to the accounts, collected the ATM cards, and withdrew the scholarship money soon after it was credited. Since the students did not know about these accounts, they never received the scholarship amount.
The enquiry also found that documents submitted with the account-opening forms, including college-issued bonafide certificates, were allegedly fake.
Six People Named as Accused
The CBI has named six accused in the case. They include Prema Verma, the then Senior Manager of UCO Bank’s Habibganj branch, Vinay Malhotra, Director of the Academy of Management College, Professor Aditya Malhotra, Assistant Professors Manoj Jain and Vinesh Meshram, and Ram Singh Verma, who worked at the college. The FIR also mentions the involvement of other unknown persons.
Bank Manager Accused of Violating Banking Rules
According to the CBI, the former bank manager failed to follow banking rules while opening the accounts. She allegedly ignored mandatory KYC checks, system verification procedures, and proper rules for issuing ATM cards. The agency believes she acted in criminal conspiracy with the college officials to facilitate the fraud.
The CBI also alleged that debit cards were handed over to a single individual, Ram Singh, without any written authorisation from the account holders. This allowed the accused to receive OTPs and withdraw the scholarship money immediately after it was deposited.
College Responds to Allegations
Vinay Malhotra said that bank officials were involved in the matter and that his name has now appeared during the CBI investigation. A representative of the college stated that the issue mainly concerns the bank and that the college administration is cooperating with the investigating agencies. The representative also claimed that there were no irregularities in the scholarship scheme itself.
CBI Registers Criminal Case
The CBI has registered the case under charges of criminal conspiracy, cheating, forgery, using forged documents, and provisions of the Prevention of Corruption Act. The investigation has been assigned to Inspector Nazim Khan of the CBI’s Anti-Corruption Branch in Bhopal.
The agency will now investigate whether more people were involved in the alleged scam and whether similar frauds were carried out through other bank accounts.
