100+ Ahmedabad Engineering Students Caught in Fake Loan Scam Connected to Suspicious Gurgaon Organization

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100+ Ahmedabad Engineering Students Caught in Fake Loan Scam Connected to Suspicious Gurgaon Organization

Ahmedabad:  A suspect startup based in Gurgaon is said to have deceived more than one hundred engineering students from a prestigious college in Ahmedabad. Reportedly, the startup, purporting to offer business consultancy services, obtained unauthorized education loans totaling ₹2.1 lakh per student by misusing their employment documents. It is estimated that the total amount implicated in the fraud exceeds ₹2.5 crore.

Recruited between 2021 and 2023 via campus placements, the students were initially offered competitive salaries and a promising career trajectory with the organization. However, they began receiving EMI reminders for education loans they had never applied for shortly after joining. The EMIs, which amounted to approximately ₹5,000 each, were deducted automatically from their bank accounts; those who were unable to afford the payments experienced a significant impact on their CIBIL scores.

Fake Loan Scam

Upon confronting the company representatives regarding the unauthorized loans, or fake loans, the students received reassurance that the issue would be satisfactorily resolved. Nevertheless, a failure to intervene resulted in the eventual bankruptcy filing of the organization, which placed the students in an untenable financial strait.

AlwazPathan, one of the impacted pupils, has lodged a police report with the Shahpur station, wherein she accuses company representatives of academic dishonesty. The police, however, have not yet filed an FIR, citing the civil nature of the offense.

Fake Loan Scam

IrshadMansuri, the attorney representing Pathan, conveyed his discontent regarding the police’s lack of action. “Initially, we approached the Sola police, but they declined to hear our complaint.” Following that, we approached the Cybercrime Police, who declined to file an FIR as well. “Although the Shahpur police have received the complaint, they have refrained from filing an FIR on the grounds that it is a civil offense,” Mansuri explained.

The challenges faced by these engineering students underscore the necessity for more stringent regulations and heightened scrutiny during the placement procedure. It is compulsory for colleges to verify the legitimacy and track record of the businesses they collaborate with. Furthermore, it is advisable for students to exercise greater prudence when disclosing personal and financial information to potential employers.

Key Highlights:

  • More than one hundred engineering students from a college in Ahmedabad are allegedly complicit in a fraud involving a Gurgaon startup.
  • Students assert that an unwitting startup utilized their employment records to fraudulently obtain ₹2.1 lakh in student loans.
  • Loans in excess of ₹2.5 crore were taken out in the names of 124 students, resulting in unanticipated bank EMI demands and financial distress.
  • Recruits who were recruited via campus placements in 2021 allegedly received inflated salaries, which precipitated the shocking disclosure of loan information within a span of two months.
  • The Shahpur police station has received a complaint alleging fraudulent activities by representatives of the startup, but no FIR has been lodged as of yet.
  • Critics are dissatisfied with the delay in initiating legal proceedings, citing the police’s classification of the offense as civil in character.
  • The students who are allegedly insolvent of the startup are confronted with an uncertain future, which has substantial repercussions on both their professional prospects and credit ratings.

About The Author:

Yogesh Naager is a content marketer who specializes in the cybersecurity and B2B space.  Besides writing for the News4Hackers blog, he’s also written for brands including CollegeDunia, Utsav Fashion, and NASSCOM.  Naager entered the field of content in an unusual way.  He began his career as an insurance sales executive, where he developed an interest in simplifying difficult concepts.  He also combines this interest with a love of narrative, which makes him a good writer in the cybersecurity field.  In the bottom line, he frequently writes for Craw Security.

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