The MIDC police have arrested the chairman of an educational institution in Ranchi, Jharkhand, for taking a loan from a Mumbai-based finance company in the name of providing laptops and study material to students. The police said many other cases are registered against the accused, Ranveer Kumar, in his state.
The complainant in the case is Tukaram Kate, an employee of the finance company. Kate told the police that the institute had taken a loan of ₹1.53 crore from his firm in April 2021 to donate laptops to 116 students.
The finance company approved Kumar’s loan but when three consecutive equal monthly instalments (EMIs) bounced, it was found that the students hadn’t received any laptops. The police said that not only Kumar failed to provide laptops to students, he also took money from them in the name of devices and study material.