Governor Vajubhai Rudabhai Vala ordered an investigation into the claimed irregularities found in the Registrar of Vishvesvaraya Technological University (VTU) came into light. As per the audit reports it is estimated that crores of rupees have been withdrawn from the VTU’s bank account, and estimated to be approximately around 200 Cr.
Parents of two VTU students had written to the Governer in the month of October saying that, there were some irregularities found since the appointment of H N Jagannath Reddy was involved.
According to the report Dr Reddy has earned investing huge amount in real estate in Bengaluru named by his family members, as well as huge assets says as per the complaint. Although Reddy has denied all the allegations against him. Reddy has also challenged this in the Karnataka High Court.
Further allegations revealed that VTU misused the funds as per the audit report for 2017 – 2018 which raised objection to these suspicious transactions. The funds were withdrawn and transferred back after one year. Under VTU there are around 200 engineering colleges in the state.
As per the Audit committee report states that “VTU Act 1994, Section 23(6) of Chapter 7, revenue and fund of the university should be utilized only for the development of the university. But, huge amount transactions took place neither VTU sought any approval from Finance Committee or Executive Council before doing these transactions which lead to the massive loss of interest to the university.
The audit report has recommended disciplinary action against the officials concerned.
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