Karnataka: 3 arrested for 'misappropriating' funds meant for students' overseas travel

Bengaluru, Nov 12 Three people, including two women, were arrested in connection with "misappropriating" advance funds meant for students' overseas travel, police said on Wednesday.

A complaint in this regard was filed at the Sadashivanagar police station on November 1 by a staff member of a reputed institution located within the station limits, Bengaluru Police Commissioner Seemant Kumar Singh said in a statement.

The complainant stated that two women working as temporary secretarial assistants at the institution had forged approval orders for the students' advance funds.

The accused allegedly edited and manipulated the approval documents, changed the students' bank account details, and diverted a total of Rs 1.94 crore (Rs 1,94,33,700) in several instalments to the bank accounts of their relatives and acquaintances, thereby misappropriating the institution's funds and committing criminal breach of trust and cheating.

Accordingly, a case was registered at Sadashivanagar Police Station.

During the investigation, the police pursued multiple leads and gathered credible information from informants. On November 2, both women accused were taken into custody from their residences in Hesarugatta and Yeshwanthpur.

Upon interrogation, they confessed to their involvement in the crime and revealed the role of a male accomplice.

The two women were produced before the court on November 3 and were remanded to eight days of police custody.

During detailed interrogation, they admitted to committing the offence with the intent of making quick financial gains.

They further disclosed that they had transferred the embezzled funds to 16 different bank accounts belonging to their relatives and friends, and had used the money to purchase property, gold ornaments and other valuables.

Subsequently, on November 9, the third accused, a male accomplice residing near Arakere, Bannerghatta Road, was also taken into custody. During interrogation, he too confessed to his involvement.

He was produced before the Court on the same day and was remanded to 10 days of police custody.

Between November 8 and Monday, police recovered assets worth Rs 1 crore, including: Two plots of land valued at approximately Rs 70- Rs 80 lakh, 121 grams of gold ornaments worth Rs 15 lakh, Rs 11 lakh in cash, and a car valued at Rs 10 lakh.

On Monday, the two women accused were produced before the Court, which remanded them to judicial custody. The third accused remains in police custody, and the investigation is ongoing.

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