A special court has dismissed the bail petition filed by Madhukar G Angur, ex-chancellor of Alliance University, in the Enforcement Directorate (ED) case against him under the Prevention of Money Laundering Act.
The ED’s case is that Madhukar has diverted crores of rupees collected as fees from students to certain private bank accounts.
“The material evidence placed at this stage would go to show that money collected from students has not been deposited to the Alliance University account and on the contrary, the money has been diverted to different accounts. The acquisition of property and investment of money so collected requires to be unearthed and the investigation in this regard is in progress. Therefore, at this stage, the accused no 1 is not entitled for bail,” the special court
said.
The allegation against Madhukar and other accused is that they persuaded the parents of around 4,500 students to deposit the fees in the illegally opened bank accounts and subsequently siphoned of the money to the tune of
Rs 107 crore.
Special public prosecutor P Prasanna Kumar informed the court that during the course of investigation, seven FIRs were registered against Madhukar in various police stations under Foreign Exchange Management Act.
He stated that Madhukar opened a bank account using the university’s PAN card. However, the university had never used the said PAN card for any banking transaction.
Check out DH's latest videos:
(Published 07 February 2022, 17:31 IST)
JOIN US