The special operations group of Rajasthan police on Monday arrested vice-chairman of Jaipur Engineering College and Research Centre university Amit Agarwal in connection with a cooperative bank embezzlement case.
Agarwal is first out of the 12 accused to be arrested in the Rs 12 crore Vaishali Urban Co-operative Bank embezzlement case. The licence of the bank, set up in 1998, was cancelled by the RBI in 2013 after it detected irregularities during an inquiry in 2008.
According to sources, the investigators called Agarwal for questioning on Monday at the SOG office in Jhalana locality and arrested him. He will be produced in a court on Tuesday, additional superintendent of police (SOG) Lal Chand Kayal said, adding that he had been accused of embezzling Rs 7 crore from the bank.
The bank was floated by chairperson of the Jodhpur National University, Kamal Mehta, who was earlier arrested in connection with the degree-for-cash case extending to Jawaharlal Nehru University (JNU).
Mehta was also booked in 2013 in a fraud case related to Vaishali Urban Co-operative Bank. According to investigators, he had used the embezzled money to float Kushal Education Trust (KET), which runs the Jawaharlal Nehru University and a number of other educational institutions.
Deputy IG (SOG) BL Meena said Mehta would be arrested again in the embezzlement case. The police had handed over the case to the SOG in 2014 after the probe into the degree-for-cash case scam widened to the JNU.