Fraud in Symbiosis – Director terminated

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Indiaforensic Media
Indiaforensic Media
Forensic Accounting in India started with one word - Indiaforensic.

fraud in symbiosis

The Symbiosis International University (SIU) has terminated the services of the director of one of its institutes following allegations of a placement fraud leveled against him by a section of students.

The director, who had joined the institute in August 2013, allegedly collected varied sums from at least 10 students of the MBA (international business) course on the pretext of processing their visa and other documents after assuring them of international placements with leading multinationals operating in the aviation and other key sectors.

Fraud in Symbiosis came to the surface only when the concerned students who paid the money to the director did not get the jobs as promised in the MNC firms

In the meantime, other students got placements in domestic firms. The students who had been promised global placements continued to wait for their appointment letters and were left out of the domestic placement process. After a long wait, when there was no sign of the appointment letters, the students confronted the institute director and eventually the SIU management, sources added.

Yeravdekar said, “Placement matters are usually handled at the institute level by the director concerned. The SIU management barely comes in picture in these matters. The students gave money to the director without informing the placement in charge or any management representative. They also did not demand any receipt from the director for the money they gave him.”

For the students, the immediate concern is to recover their money from the director.

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