Even as the enquiry is being conducted into alleged irregularities in Minority institutions and their schemes, a new case has come to light in Minority Finance Corporation in which Executive Director of the Corporation is accused of embezzlement. There is complaint of several irregularities in loan scheme of Minority Finance Corporation. In this scenario another case has come to light in which Executive Director Minority Finance Corporation Hyderabad has spent a huge amount of corporation withdrawing it from the bank without the approval of higher officials. He didn’t even obtained permission of Managing Director.
The case came to light during audit following which Managing Director B Shafiullah took note of it and decided to take action against the executive Director. It must be noted that the corporation releases subsidy to the candidates selected under subsidy scheme. The amount is deposited in their candidates’ bank account. If any candidate doesn’t utilise the amount, the same is returned to the account of Executive Director of the respective district. Executive Director of Hyderabad is said to have used such amount without the permission. He should have taken permission of Managing Director before utilising the amount.