Madhukar Angur held for siphoning student's money

The Enforcement Directorate has arrested a former chancellor of a Bengaluru-based private university for allegedly duping parents of 4,500 students by “siphoning off” Rs 107 crore funds taken from them as fees.

Madhukar G Angur, the ex-chancellor of Alliance University, was arrested on Friday.

He was produced before a special Prevention of Money Laundering Act (PMLA) court in Bengaluru on Saturday that sent him to seven-day judicial custody, the ED said in a statement.

It alleged that Angur and others “informed the parents of the students through e-mails and physical notices not to deposit the fee in the official accounts of the Alliance University and instead asked them to deposit the fees of their children into the illegally opened bank accounts (by Angur) and others in the name of Srivari Educational Services”.

“Hence, the parents of about 4,500 students were persuaded to deposit the fees in the said illegally opened bank accounts and amounts to the tune of about Rs 107 crore were siphoned off by Angur and others by collecting the tuition fees, hostel fees and other fees illegally from the student community,” it said.

These fee deposits, the Enforcement Directorate (ED) said, were made between 2016 and 2017.

The agency in September last year had attached assets worth over Rs 19 crore of Angur and his family members Priyanka M Angur, Ravi Kumar K, Shruthi and Pavana Dibbur.

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