Ranchi educational institute dupes finance company in city of ₹1.53 crore

Mumbai: The chairperson of a Ranchi-based educational institute has been booked for alleged misappropriation of funds and cheating a non-banking finance company in the city by securing an educational loan of ₹1

Mumbai: The chairperson of a Ranchi-based educational institute has been booked for alleged misappropriation of funds and cheating a non-banking finance company in the city by securing an educational loan of ₹1.53 crore for 116 students. The loan was taken in order to provide students with laptops and study materials.

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According to the MIDC police, the students of Basic Fast Pvt Ltd made a complaint to Pandurang Kate (33), an employee of the loan-approving company- Advance Finance Ltd, that they did not receive any study materials and laptops. Subsequently, Kate made a police complaint against the chairperson Ranveer Kumar.

In his complaint, Kate said that in April 2021, they were contacted by Kumar, who said that his company provides different courses to students in Ranchi and requested a loan of ₹1.53 crore for 116 students so that their fees and laptops and other study material could be provided to them because they were not in a position to pay for the articles.

“The entire contract was online, where Basic Fast agreed that if the EMIs by the students were not paid, they would take the entire responsibility of the repayment of the loan amount. Each student was to get a laptop, apart from adjusting their fees from the loan amount taken in their names,” said Kate.

Kate further said that after the contract was drafted, Basic Fast sent them the KYC documents of all 116 students and after the verification, Advance Finance company deposited ₹1.53 crore in the account of the company in April 2021.

In November 2021, the new batch of students was enrolled with Basic Fast, however, after waiting for three months about the non-payment of EMI, Kate began contacting the students. “Some students told us that they had not received any study material or laptop from the institute. Many students also told us that they had gone to enquire about the courses when their documents were taken by the management,” said Kate, a resident of Airoli in Navi Mumbai and working for Advance Finance since 2018.

“Based on the statements of the students, we confronted Kumar, who assured us that he would repay the amount. However, we approached the MIDC police and submitted a written application after he failed to do so,” Kate added.

The MIDC police said that they enquired into the complaint and registered a case of cheating against Kumar on Tuesday evening under section 420 of the Indian Penal Code.