Educational Institute Defrauds Finance Company Of Rs 1.5 Crores In Name OF Study Loans

Andheri, 24th November 2022: An educational institution in Jharkhand has defrauded a finance company in Kurla of 1.5 crores in the name of educational loans for 116 students. A case has been registered against an officer of an educational institution in Jharkhand.


Iduvanus Finance Private Limited Company has a head office at Kurla Road, where the complainant Pandurang Tukaram Kate is working as Senior Manager. This company provides loans for education to various educational institutions across the country. The company operates in all cities across the country, and its head office is located in Andheri.


In April last year, Kate’s company was contacted by Randhir Kumar, Chief Executive Officer (CEO) of Basic First Private Limited in Ranchi, Jharkhand. Many students are taught various courses in this institute. As some of the students were unable to pay the education fees, they requested the company to provide them with an education loan. Also, 116 students submitted KYC documents and applied for loans. After verifying this application, the company agreed with Randhir Kumar’s company. According to this agreement, 116 students would be given loans of Rs. 1,53,00,000 for various courses. However, if the students did not repay the loan, the institute had to repay their loan. These students initially paid the loan installments regularly. However, from November 2021, students stopped paying loan installments. Therefore, on behalf of the company, the concerned students were called and asked about the loan instalment. At this time, these students said they were not studying any courses from Basic First Educational Institute and did not take loans. They only went there for enquiry. Also, some students alleged they were not provided study materials, laptops and other educational facilities. When Tukaram Kate called Randhir Kumar and other directors regarding this, he did not get any response from them.


It was noticed that Randhir Kumar, along with other directors, had defrauded Eduvanus Finance Pvt Ltd company by taking educational loans for various courses students by submitting fake documents. As soon as this was noticed, he lodged a complaint with the MIDC police. After verifying this complaint, the police registered a case of embezzlement and fraud against Randhir Kumar and others. Police said that the investigation of these crimes is going on, and soon a special team of MIDC police will go to Jharkhand.