CMS principal took loans using school's name, sacked

LUCKNOW: A financial scam surfaced at

City Montessori School

, which imparts education to over 52,000 students in its 18 bracnhes across the city.

Principal

of the school’s Chowk branch allegedly took cash loans for personal gain, from a number of individuals, including teachers, parents of students and even outsiders and had illegally and fraudulently issued receipts for these loans on the school letterhead, with her signature and principal’s seal. Those who invested were assured interest at the rate of 12% per annum. Principal Sadhana Bedi also issued cheques from her personal bank account using her maiden name Sadhana Chooramani towards repayment of these loans. But when these cheques were presented for encashment, they bounced.

Following the alleged fraud, those affected approached TOI and shared receipts issued by the principal. According to one of the complainants, Prakash Shukla, his wife who is a teacher at Chowk branch of the school for nearly 30 years, deposited money in the name of a scheme CMS has run since its inception. Under the scheme, CMS took money from stakeholders for development and gave a relatively high rate of interest. “For us, it was an investment but when we sought return, the principal went into hiding, taking all our money away. When we approached the school management, they washed their hands of the fraud saying they had discontinued the scheme long back and have no knowledge of the incident,’’ said Shukla, a who loaned Rs 8 lakh.

Another complainant Rakesh Asthana, who invested Rs 7 lakh through Prakash Shukla, said, “The school cheated us. We gave

loan

in the name of development but it turned out to be a scam. We called the principal several times but her phone is not reachable.’’

When contacted, the school’s founder manager Jagdish Gandhi, in a written statement, admitted that some persons contacted him with receipts which showed they had lent money on interest to Bedi. “She (Bedi) has accepted using the school’s letterhead and seal fraudently to issue receipts for the money she borrowed from several people as loan for personal use. She also tendered a written apology. She tendered her resignation which was rejected by us. Later, we sacked her,’’ said Gandhi.

Though the school management has not lodged an FIR, they submitted a complaint to DGP Sulkhan Singh, informing him about the incident. Citing the incident—giving out receipts on the school letterhead for personal loans–in cash, as gross and unconscionable deception, a misuse of position, a criminal breach of trust and an unethical act, the CMS management requested the DGP to take legal action and get the matter investigated.

DGP told TOI, “I received a complaint from CMS a few days back and have asked SSP Lucknow to get the matter inquired. Action against those proved guilty would be taken after inquiry.”

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