GUJRAT: The Anti-Corruption Establishment (ACE) has launched a probe into alleged loss of millions of rupees through irregularities in the bank accounts of the University of Gujrat (UoG).

The senior most UoG officials, including Vice Chancellor Prof Dr Shabbar Atiq, Pro VC Dr Faheem Malik, Additional Treasurer Abdul Waheed Butt and another employee have been summoned by the Gujrat ACE circle in connection with the probe under section 160.

The charges include financial embezzlement and loss to national exchequer, according to the notice issued to the varsity administration by the ACE.

Muhammad Ilyas, a resident of Gujranwala, filed an application with the ACE seeking a probe into the varsity’s account at a private bank’s university branch, alleging illegalities.

The UoG had entered into a financial contract with the bank in 2016, extending facility of fee submission to the students and low-markup loans to the faculty and low-rank employees. However, in the contract the bank did not included any clause regarding the nature of accounts to be opened.

Additional Treasurer Abdul Waheed, who was then acting treasurer of the varsity, had reportedly advised the bank to open current accounts for the students’ semester fee collection, admission application submission and funds for the faculty research projects funded by the HEC (NRPU).

The banks in Pakistan offer standard interest rates on saving accounts, as per the State Bank of Pakistan (SBP) monetary policy, after every two to three months.

However, as per the complainant, in the instant matter, the university suffered a loss of million rupees by serving the bank’s interest.

It is alleged that the bank has been using the varsity money for the last five years without paying even a single penny to the institution (UoG), whereas another bank, the Bank of Punjab (BoP) is paying standard interest rate on the amounts in the university’s accounts.

The current accounts with the private bank were opened during the tenure of former VC Dr Ziaul Qayyum and later allowed to continue by Dr Faheem Malik during his one-year tenure as the acting VC.

The incumbent VC, Dr Atiq, also allowed to continue the status of all bank accounts of the UoG for the last two years, despite audit paras and various observations by the auditor general of Punjab, raising objections.

The complainant has also demanded a forensic audit of miscellaneous bank account of the UoG and 20 other such accounts, terming it a “white collar crime”.

It is learnt that after the complaint was lodged by Mr Ilyas, the UoG authorities have shifted huge amounts to the saving accounts in various BoP branches.

Published in Dawn, July 4th, 2021