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Acting against a fraud perpetrated by an Axis Bank employee in collusion with an employee of a private educational institute, the Enforcement Directorate (ED) has provisionally attached 17 immovable properties, investments in mutual funds, balances in bank accounts totalling to ₹4.58 crore.
A press release by ED stated that it had registered a case under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA) on the basis of a first information report (FIR) filed by Uttar Pradesh police against Kamal Ahsan, the then bank official of Axis Bank, Civil Lines Branch in Allahabad; and Rajesh Kumar, the then designated Relationship Manager of Sam Higginbottom Institute of Agriculture, Technology and Sciences (SHIATS).
The institute later become University by the name SHUATS. It is run by Sam Higginbottom Educational and Charitable Society and its main source of funds are from the fees of students, grants from the Society, the Department of Agriculture, the UP government and the Indian Council for Agricultural Research (ICAR).
“Investigation revealed that SHUATS was maintaining three accounts with Axis Bank. Ahsan, fraudulently debited Axis Bank accounts of SHUATS by using only cheque numbers without any physical instruments. These cheque numbers were illegally provided by accused Rajesh Kumar, the then accountant of SHUATS. In this manner, the accused had siphoned off funds,” the press release said.
ED probe revealed that Ahsan routed the proceeds of crime through various bank accounts and bank accounts of family members, friends and relatives. He had utilised the loot to lead a luxurious lifestyle highly disproportionate to his known source of income.
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