Peradeniya fraud a mystery

The Rs. 50 million financial fraud that took place at the Peradeniya Postgraduate Institute of Science remains a mystery. Universities have a somewhat streamlined accounting system in comparison to many other state institutions and many are balled how an individual managed to withdraw fixed deposits without getting detected over a period of time.

 

A bursar at the Post Graduate Institute affiliated to the Peradeniya University had wound up 14 fixed deposits which were in operation at the People's Bank - Peradeniya Branch during the period from January 1, 2009, to December 31, 2016, and had withdrawn a sum of Rs. 93 million.  
Out of this amount, only Rs. 37 million (Rs. 37,948,865) has been invested in new fixed deposits and Rs. 50 million (Rs. 50,338,160) had been fraudulently withdrawn personally by the Senior Assistant Bursar of the PGIS of the said University.

 

The matter has been a Subject  that has been discussed at the University Grants Commission (UGC) some time ago and now the Chairman of  the  UGC has been asked to look into the matter  by Education Minister G.L. Peiris