BHOPAL: The Central Bureau of Investigation (CBI), has unearthed an alleged fraud related to siphoning of Rs 99.48 lakh government scholarship money meant for MBA students into 118 fraudulent accounts opened in a nationalised bank’s branch in Bhopal.
The alleged fraud which happened between January 2020 and October 2021 was carried out by an unholy nexus, comprising then UCO Bank Habibganj branch’s senior manager Prema Verma and at least five officials, faculty and staff of a private business school, Academy of Management College-Bhopal.
Based on the preliminary enquiry which was carried out by the CBI over a period of over three months, a regular case has been recently registered against six named accused under the IPC and the Prevention of Corruption Act 1988 provisions, against six named accused and others by the investigating agency’s anti-corruption branch (ACB) in Bhopal. The entire probe is now being carried out by a team headed by Inspector Nazim Khan.
Those named in the FIR include then UCO Bank’s Habibganj-Bhopal branch’s senior manager Prema Verma, the private business school’s director Vinay Malhotra, his brother Aditya Malhotra, the concerned educational institution’s assistant professors Manoj Jain and Vinesh Meshram, besides the college’s former employee Ram Singh Verma.
Back on March 17, 2026, Lokesh Kumar, the deputy general manager/zonal head of UCO Bank Bhopal, submitted a complaint to the CBI, alleging that 118 fraudulent bank accounts were opened in the bank’s Habibganj Branch between January 2020 and October 2021, and a government scholarship worth Rs 99.48 lakhs was credited into those accounts and misappropriated by unidentified persons.
Based on the complaint, a preliminary enquiry was started by the CBI in the matter by Sub-Inspector Priyanshu Vishnoi.
The enquiry also revealed the prima facie role of the college’s director, his brother and three staff, including two faculty members, in opening those bank accounts, linking their own mobile phone numbers with these bank accounts, receiving ATM cards and withdrawing scholarship amounts in a fraudulent manner.
Enquiry further revealed that the Account Opening Forms (AOFs) of these accounts were filled out with forged signatures and false particulars without mandatory KYC verification. Bona fide certificates, purportedly issued by the Academy of Management College, Bhopal, were used as supporting documents, which, on scrutiny, were found to be fabricated.
ATM/debit cards were issued and delivered to a single person, Ram Singh, without written authorisation from the actual account holders.
Mobile numbers belonging to accused college authorities and their associates were fraudulently linked to students' accounts, enabling receipt of OTPs and immediate withdrawal of the scholarship amount on the same day of credit.
Then senior manager of UCO Bank’s Habibganj branch, Prema Verma, who was entrusted with account opening, KYC compliance, system verification and ATM issuance -- actively processed the 118 fraudulent accounts in gross violation of established banking norms, in criminal connivance with the college authorities, thereby committing offences of criminal conspiracy, forgery, cheating, and criminal misconduct.