diverted through shell companies during TDP regime, says audit reportThe AP State Skill Development Corporation has directed the Crime Investigation Department to probe into the alleged diversion of funds of ₹241.78 crore by Designtech and Siemens Projects through various shell companies. A forensic audit report of the APSSDC has concluded that the money was diverted from the APSSDC through shell companies. The report also said that the two companies had utilised only the government contribution of ₹270.78 crore and did not invest their money, which was contrary to the original scheme proposed by the then government. It has also been brought to the notice that the network of companies have ‘siphoned off’ funds from the APSSDC through a bogus invoicing scheme pertaining to the Siemens project, under which, six centres of excellence were supposed to be set up to provide skill development and hands-on training to engineering students.

Source: The Hindu July 11, 2021 18:33 UTC