The MS University authorities Saturday said they were checking all financial transactions made by the varsitys accounts department in the last five years to find out the amount that was transferred from university bank account using stolen cheques.
The university first learnt about the fraudulent deal last week when five cheques were found to be stolen to withdraw Rs 46.5 lakh from the account.
It was soon found that the amount transferred to the bank account of one Gopinath Construction was much larger than the initial Rs 46.5 lakh. A four-member committee formed by the MSU to check financial transaction has estimated that nearly Rs 3 crore was withdrawn using 22 cheques. MSU V-C Yogesh Singh said the financial fraud could be much larger than this.
We are checking all transactions for the last five years to find out how much money was actually transferred this way. Already,we have found that 22 cheques belonging to the university were stolen to withdraw around Rs 3 crore,the money having been transferred to the bank account of Gopinath Construction of which there is no voucher,no bill,nothing, Singh said.
So far,the MSU committee has checked financial transactions made by the university between October 2011 and March 2013.
We suspect over five persons are involved in the fraud and they could be university staff or even bank staff. The idea behind probing transactions made in the past five years is to find out since how long all this has been going on, Singh said. He said it was being probed if the employees of the accounts department were involved in the suspected fraud.
The committee has stated in an internal report that apart from the possibility of the signature used on cheques being forged,entries of transactions made in the MSU cash book were also forged. It did not rule out the possibility of the involvement of university employees in transactions.
The detection of crime branch (DCB) investigating into the fraudulent deal has sent the cheques under question to the forensic science laboratory for further probe.