Kanpur: Officials of the Uttar Pradesh State Industrial Development Corporation are minting money from different engineering colleges as well as from management institutes functioning in the state, while these colleges are engaged in the game of churning black money into white.

Today there are at least over one dozen such engineering colleges and management institutes running in the city where this game of blatant corruption is going on.

It should be noted that to invest black money is a more challenging task in comparison than earning it through UPSIDC.Dainik Jagran has ample proof that UPSID officials were involved in minting money.

The fact has been confirmed after the CBI raided the locations of Chief Engineer of UPSIDC Arun Mishra and it has brought to notice that he owned properties in Dehradun , Lucknow and Kanpur.sA few other officers too own illegal property of the same magnitude.

UPSIDC Managing Director said that a detailed probe would be initiated against those officials who own either own disproportionate properties or have land properties in their name. After this a formal request would be sent and action would be initiated against them.

A few officials had put their wives in various committees and a few others had attached their father’s name in management committees of some the colleges. Some of the officials who have been registered  with the management committees of the these colleges,their addresses mentioned in the records of the educational institutions reveal that their ownership were retained by these officials themselves.

Once these colleges start functioning properly, the officials prepare themselves for starting universities also.

An official candidly said there were two advantages of starting an engineering college as well as a management institute. Since having association with UPSIDC helps them purchase land at invariably low price and at the same time money does not go waste in establishing them. If college runs fine, otherwise they could always sell their property. This way, the black money of officials is turned into white and no one comes to know.

This trend of purchasing land for creating societies for purchasing land still continues. In the beginning , land is allocated in the name of some fake society at an invariably low price and it is sold to the management committee of the institute so that nobody makes a claim over its ownership.

Whether it pertains to raids made by the UP Police special team in connection with irregularities in the Tronica city building or the fictitious bank account’s disclosure, it has been detected that these officials were running their own universities.

The CBI even made an inspection in an engineering college also.

What happens that these officials give priority to purchasing land and at tourist places in order to dump their black money.

Goa ,Dehradun, Lucknow are said to be their favourite destinations.