In a shocking turn of events, the CEO of a company based in Bengaluru has been apprehended for committing fraud against approximately 2,000 students, resulting in a loss of Rs 18 crore.
The company’s management deceived each student, extracting more than ₹2 lakh from them.
According to a recent report published by Moneycontrol, the case was brought to light when a 26-year-old student,
who had enrolled in the company’s 24-month data course in December last year, filed a complaint.
As a result, the CEO of Geeklearn, Srinivas, was taken into custody. However, the Chief Financial Officer,
Raman P.C., and other key members of the organization, including the operations chief Aman, are still at large.
A New Type of Monetary Deception
Under the terms of the students’ agreement with the company, the firm was responsible for paying the monthly installments until the students secured employment.
Once employed, the students were expected to bear the burden of the installments themselves.
However, after the third month, the company abruptly stopped depositing the installments into the students’ accounts and demanded full payment, claiming that the agreement had been canceled.
As a result, the students encountered difficulties in paying the installments as they had not completed the course and were still searching for employment.
Following the initial complaint, 13 additional students came forward, alleging that the company had defrauded them under similar circumstances.
Senior police officer P Krishnakanth revealed that similar fraudulent schemes by Geeklearn have also been reported in other states like Mumbai and Andhra Pradesh.
