India, July 14 -- The Central Bureau of Investigation (CBI) has booked a bank and a Bhopal private management college's officials for allegedly siphoning off government scholarships worth nearly Rs.1 crore meant for MBA students by opening 118 fraudulent accounts at UCO Bank's Habibganj branch in Madhya Pradesh's capital.

The accounts were opened with the connivance of bank staff and employees of the Academy of Management College between January 2020 and October 2021, the CBI said. The scholarships credited into these accounts, amounting to Rs.99.48 lakh, were withdrawn the same day using debit cards issued in students' names.

The accused include senior branch manager Prema Verma, five other bank officials, college director Vinay Malhot...