Education Minister G.L. Peiris yesterday instructed the University Grants Commission (UGC) Chairman Prof. Sampath Amaratunga to immediately investigate and submit a report on Rs. 50 million financial fraud that took place at the Peradeniya Postgraduate Institute of Science last season.

The Education Minister also instructed Prof. Amaratunga to look into whether such financial irregularities have taken place at all universities and postgraduate institutions in the country.

The Minister had also instructed the Education Ministry Secretary, Prof. Kapila Perera to pay attention to this matter.

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at the People's Bank - Peradeniya Branch during the period from January 1, 2009, to December 31, 2016, and had withdrawn a sum of Rs. 93 million.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(Rs. 37,948,865) has been invested in new fixed deposits and Rs. 50 million (Rs. 50,338,160) had been fraudulently withdrawn personally by the Senior Assistant Bursar of the PGIS of the said University.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 CID has initiated an investigation into this and the Auditor General's Department had stated that a surcharge will be imposed. (Chaturanga Samarawickrama)