The Central Bureau of Investigation (CBI) has booked six people, including a former UCO Bank senior manager, for allegedly siphoning off nearly Rs 1 crore in government scholarship funds in Bhopal between January 2020 and October 2021.
The fraud involved 118 bank accounts opened in the names of MBA students without their knowledge, with funds diverted before reaching beneficiaries. A private management college and officials from UCO Bank’s Habibganj branch are under investigation.
How the Bhopal scholarship scam worked
Investigators allege the accused used forged documents, fake signatures, and fabricated KYC details to open accounts. Mobile numbers linked to these accounts were registered to college officials or associates, allowing them to receive OTPs for transactions.
ATM cards for the accounts were allegedly handed to a college employee, Ram Singh Verma, who withdrew funds immediately upon credit. The college is accused of issuing bogus bonafide certificates to facilitate the fraud.
Accused and next steps in the probe
Those named in the FIR include former UCO Bank senior manager Prema Verma, college director Vinay Malhotra, and four others. The CBI has registered charges of criminal conspiracy, cheating, forgery, and corruption.
The investigation, triggered by a complaint from UCO Bank’s Bhopal Zone, is examining digital records, CCTV footage, and transaction trails. Authorities are also checking if similar frauds occurred elsewhere. The accused have denied wrongdoing.
