The Higher Education Commission (HEC) will punish the people involved in a Rs150 million financial fraud at Federal Urdu University of Arts Science and Technology.
HEC Chairman Dr Mukhtar Ahmed told APP that he found out about the case through reports in the print media.
According to the reports, tuition and admission fees deposited by university students with the designated bank branch were secretly transferred to another account on July 23, 2013. The money was then invested in private businesses.
According to sources, the amount has not been recovered yet as neither the account holder nor the university officials who told the branch manager to transfer the money have been identified.
A five-member committee formed by Islamabad campus in charge Lt-Gen Shahid Aziz is investigating the scam. The committee has issued show-cause notices to Deputy Treasurer Asim Bukhari, Deputy Registrar Shah Muhammad, Assistant Treasurer Hamad Kayani and accountant Rana Asif.
Dr Ahmed remarked that the HEC is waiting for the university’s internal committee to submit its inquiry report before taking any action.
He felt there was no need to refer the case to the National Accountability Bureau or the Federal Investigation Agency at this stage and said that the HEC would resolve the case.
Published in The Express Tribune, July 23rd, 2014.