A university professor was accused of bilking students under the pretext that he was helping them invest in mutual funds overseas, according to a Chinese-language newspaper report yesterday.
However, the accused scholar, Pan Kuei-cheng (
When questioned by the Taipei Times, Chang Wen-cheng (張文政), spokesperson for the Taipei District Prosecutors' Office, said only that the office had received an anonymous letter in April accusing the professor of illegally raising money.
Chang declined to offer any details about the identity of the alleged victims and the total amount of money involved.
According to the newspaper report, Pan allegedly obtained money from his students, saying he would use it to invest in the American mutual fund he was managing, but then sent the money to an account belonging to a company he owns in Hong Kong.
Although specializing in geography, Pan has been giving frequent lectures on financial management. Pan took the chance during the lectures to persuade students to invest in the mutual fund account he was running, the report said.
Students periodically wired payments to his account with amounts varying from NT$3,000 to NT$20,000. Occasionally, students would put in amounts exceeding NT$100,000, the newspaper report said.
The case came to light because rumors began to circulate that some investors could not get their money back, the newspaper report said. In light of the fact that the case was based on an anonymous letter, Chang said that prosecutors had not summoned anyone for questioning.
During yesterday's news conference, Pan appeared agitated and repeatedly denied the allegations, claiming he was innocent and the entire case had been fabricated by his former business partner, whom he said he had filed a legal suit against.
He stressed that while he had taught students about finance, investments and mutual funds in class, he did not talk students into investing money and denied any financial involvement with his students.
Pan said he might take legal action against the media who he said had published unsubstantiated claims.
Prosecutors said that Pan has already been indicted on two charges relating to his business dealings -- fraud and damaging property. The two cases are being tried in Panchiao and Taipei.
Prosecutors said accusations concerning Pan's alleged misconduct on campus are now under investigation.
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