Students fall for easy way out

Students fall for easy way out

Fraudsters offered a quick education loan for Rs 250, arrested

The police busted an education loan racket that siphoned over Rs 45 lakh from students across the country after a hotel management aspirant complained that he was duped of Rs 16,800 by a firm named Rotomax Finance.

The complainant, a resident of Model Town in north Delhi, had told police that he had contacted the company for a loan of Rs 3 lakh after seeing an advertisement by the company in a newspaper.

“It was mentioned that easy loan would be available on a processing fee of Rs 250, and that other expenses would be charged after the loan was sanctioned,” said Ashok Chand, deputy commissioner police (crime and railways).

He then contacted a mobile number given on the advertisement, where his call was received by a woman who assured him that a loan could be easily arranged.

She also directed him to send his educational qualification documents to an email of the company. 

Then he was instructed to deposit Rs 250 as processing fee in a State Bank of India account.

“He was later informed that his documents needed to be verified and will have to deposit Rs 5,000 in the same SBI account to enable them to verify the documents,” Chand added.

After he deposited the money, he was told that his loan had been approved and their agent will deliver a demand draft of Rs 3 lakh at his home. 

However, he was again directed to hand over Rs 10,000 as insurance against the loan. “He made the payment to a person at Azadpur, but he did not receive any demand draft. On March 22, he was informed that he had not paid Rs 1,550 as fee for the demand draft and was directed to deposit it in an SBI account in the name of Dherender Kumar,” Chand said.

He once again deposited the money, but when he tried to contact the loan providers on their mobile numbers, his calls were never picked up. 

When he finally realised that he had been duped, he approached the police. A case under appropriate sections of the law was registered and initial investigation revealed that the bank accounts and mobile numbers were obtained using forged documents. 

Investigation led to the identification of the premises in Rohini Sector 8, from where the racketeers were operating.

The premises were raided on March 23 and Sandeep Kakkar, Vishal, and eight women were apprehended. 

Subsequently, their accomplices Sandeep Bajaj and Ram were held.