BENGALURU: A city court has declined bail to Madhukar G Angur, ex-chancellor of Alliance University, in a case registered by the ED for misappropriation of funds.
“The material evidence placed at this stage shows that the money collected from students has not been deposited to the Alliance University account. It has been diverted to different accounts. An investigation is in progress. Therefore, the petitioner is not entitled to bail”, said Anil B Katti, Principal City Civil and Sessions Judge, while dismissing the bail petition recently.
The ED’s counsel argued that Alliance University, under an unregistered contract with Srivari Educational Services, and as per the directives of the petitioner, payments were released on behalf of the varsity.
The fees from 4,500 students were deposited from January 2017 to November 2017 in a bank account that was opened illegally in the name of Srivari Educational Services. Also, Rs 107 crore collected in the said account was subsequently transferred to the personal account of the petitioner and others, he argued.