The Enforcement Directorate (ED) on Saturday arrested Madhukar G Angur, ex-chancellor of Alliance University, in a money laundering case for misappropriating the university funds to the tune of Rs 107 crore.
The ED initiated an investigation based on four FIRs registered against Angur, Priyanka BS and Ravi Kumar. The three accused had physically lodged themselves inside the campus premises of the Alliance University, Bangalore, from 2016 to 2017. During this time, the accused allegedly informed the parents of around 4,500 students through emails and notices not to deposit the fee in the official accounts of the Alliance University and instead to the illegally opened bank accounts by them in the name of Srivari Educational Services.
Thus amounts to the tune of Rs 107 crore was allegedly swindled by the accused in the name of tuition fees, hostel fees and so on.
The accused was produced before the court on Sunday and has been remanded to judicial custody for seven days. Further investigation is in progress.