The Enforcement Directorate (ED) has arrested Madhukar G Angur, former Chancellor of Bengaluru-based Alliance University in a money laundering case for misappropriating university funds to the tune of Rs 107 crore by duping 4,500 students.
The ED had initiated money laundering investigation on the basis of four FIRs registered against Angur and others.
“Angur, Priyanka BS and Ravi Kumar, the three accused had physically lodged themselves inside the campus premises of the Alliance University, Bengaluru, between 2016 and 2017,” the ED said in a statement.
During this time, Angur and others informed the parents of the students through emails and physical notices not to deposit the fee in the official accounts of the Alliance University and instead asked the parents to deposit the fees of their children into the illegally opened bank accounts by him and others in the name of Srivari Educational Services, it
said.
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 Rs 107 crore approximately. were siphoned off by Angur and others by collecting the tuition fees, hostel fees and other fees illegally from the student
community.
The accused was produced before the City Civil and Sessions Judge and Special Judge for PMLA Cases at Bengaluru on Saturday and remanded to judicial custody for seven days, it said, adding, further investigation is in progress.