The investigations in fake degrees scam involving Jodhpur National University (JNU) have traced its link to erstwhile Vaishali Urban Cooperative Bank in Jaipur.
The bank was raised by fake degree scam’s alleged kingpin Kamal Mehta, chairperson of JNU, who currently is in police custody.
Investigations by Special Operations Group (SOG) of the police have found that some of the accused named in the bank embezzlement case are trustees of Kushal Education Trust (KET), which runs the JNU.
The trust was formed by Mehta in 2001 and a number of educational institutions operated under it.
Now, the SOG investigators suspect money embezzled in the bank might have funded JNU, which started its operation in 2008, but the fact needs
“A number of trustees are named as accused in bank embezzlement case. The embezzlement is suspected to be in the line of `50 to `60 crore,” said deputy inspector general of police (SOG) BL Meena.
Among others, Mehta’s wife is one of the trustees and is named as an accused in the bank embezzlement case.
The Reserve Bank of India had cancelled the bank’s license in June 2013 following complaints of irregularities against it and due to the inconvenience caused to depositors.
The bank was set up in 1998 and two cases were filed against bank chairman Kamal Mehta and other directors in late 2013 and early 2014.
“We have received case files and are scrutinising the matter. At present our focus is on fake degrees,” Meena said.
Mehta, a chartered accountant, had promoted Vaishali Urban Cooperative bank in 1998, formed KET in 2001 and opened Institute of Certified Management Accountants of India in 2000.
Under the KET, several educational institutes, including JNU, were opened across the state.