Police have unearthed a fake degrees racket involving Jodhpur National University and arrested the man who ran the racket. But the former Vaishali Urban Cooperative Bank in Jaipur is being seen as the real villain of the piece.
The bank collapsed because it was defrauded of around Rs 50 to 60 crore and police suspect this money might have been used to fund this university. Police investigations reveal some of the scamsters named in the bank fraud case are trustees of Kushal Education Trust that managed the university.
The main racketeer Kamal Mehta had established the trust as well as promoted the bank that finally went bust. Mehta’s wife one of the trustees is an accused in the bank fraud case.
The RBI had cancelled the bank’s licence when allegations of gross irregularities were leveled against the bank.