Bengaluru: Three held for misappropriation of funds sanctioned for students' overseas travel
Bengaluru (PTI): Three people, including two women employees of an educational institution have been arrested for allegedly misappropriating advance funds meant for students' overseas travel, police said on Wednesday.
A probe was launched based on a complaint lodged by a staff member of a reputed institution at Sadashivanagar police station here.
According to police, the complainant stated that two women working as temporary secretarial assistants at the institution had forged approval orders related to the advance funds meant for students' foreign travel.
"They allegedly edited and manipulated the approval documents, changed the students' bank account details, and diverted a total of Rs 1.9 crore in several installments to the bank accounts of their relatives and acquaintances, thereby misappropriating the institution's funds and committing criminal breach of trust and cheating," it stated.
"During the investigation, the police pursued multiple leads and gathered credible information from informants. On November 2, both women accused were taken into custody from their residences in Hesarugatta and Yeshwanthpur," a senior police officer said.
Upon interrogation, they confessed to their involvement in the crime and revealed the role of a male accomplice, he said.
"During detailed interrogation, they admitted that they had committed the offence with the intent of making quick financial gains. They further disclosed that they had transferred the embezzled funds to 16 different bank accounts belonging to their relatives and friends, and had used the money to purchase real estate, gold ornaments, and other valuables," the officer said.
Subsequently, on November 9, the third accused, residing near Arakere, Bannerghatta Road was also taken into custody, police said, adding the further investigation is underway.
"Between November 8 and 10, police recovered assets worth Rs 1 crore, including two plots of land valued at approximately Rs 70-80 lakh, 121 grams of gold ornaments worth Rs 15 lakh, Rs 11 lakh in cash, and a car valued at Rs 10 lakh," police added.
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India moving towards becoming global economic powerhouse: Kovind
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Amritsar (PTI): Former president Ram Nath Kovind on Friday said that with digital transformation, economic reforms and a strong focus on the ease of doing business, India is moving towards becoming a global economic powerhouse.
He was speaking after inaugurating the 19th edition of the Punjab International Trade Expo (PITEX) in Amritsar.
The former president said that this 19th edition of PITEX is being organised at a time when India is recognised as one of the fastest-growing large economies in the world.
Speaking at the inaugural ceremony of the event organised by the PHD Chamber of Commerce and Industry (PHDCCI) the former president, while referring to Punjab, said the state is a living example of courage, sacrifice and enterprise.
"The spiritual light of Sri Harmandir Sahib (Golden Temple) inspires peace and humanity across the world. The heritage of Punjab is deep and inspiring," Kovind said, according to a statement issued by the PITEX.
The former president congratulated the PHDCCI for hosting the 19th edition of PITEX and suggested that the chamber should expand PITEX outside Punjab.
He proposed that a similar event should also be held in New Delhi.
