Five students of the Lahore University of Management Sciences (LUMS) have been suspended and fined over the alleged embezzlement of Rs 1 million during the recently organised Young Leaders Entrepreneur Summit (YLES) 2011, Pakistan Today reported.

ES was founded in 2006 - Picture (LES Website)

The newspaper withhold names of those student who actually violated the rules by registering 200 extra students, on the pretext that they were ‘breaking even’ and needed more money to run the event. Sources revealed the fraud was disclosed two weeks ago. Subsequently, the LUMS disciplinary committee took action by suspending the steering committee members of the LUMS Entrepreneur Society (LES) and two executive council members.

This could be one of the biggest surprise for everyone in country. LUMS has been a pioneer in promoting entrepreneurial activities and LUMS Entrepreneur Society, famously known as LES, was a well appreciated program. The program was not only famous in Lahore but a huge number and renowned names from Karachi and Islamabad also participated every year.

LES 2010 - Picture (CIO Pakistan)

After this report I personally use one of my contact in LUMS and asked them about the whole story. That student who wish to stay anonymous, for obvious reasons, explain this experience as tragic. ‘This never happened before and this was one of the saddest event of our history, let alone it happens with such a progra’, she said. ‘We know the organizers and no one ever expect such thing. I don’t know what inspires them for this’.

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Only time will tell how this could damage the reputation of LUMS. What are your views about this incident?