A Coaching Institute in Delhi which is working along with an instant loan startup, has cheated many students in the name of giving them an education loan. Students who have been cheated have filed an FIR with the Delhi police and they have stated that the main reason for the fraud is the Aadhaar’s Instant Authentication System. This system is used to take money from the students and their parent's bank account, even before they have agreed to register themselves for the course.
When students contacted the coaching institute to inquire about the course, the institute asked them to bring their Aadhaar card for registration and a fingerprint authentication on an app. Students were also asked to sign on the sheet where it was written ECS Mandate.
Students were clearly told that the loan will be given only if they agree to enroll after attending a few demo classes. But, within 24 hours students received an email from an NBFC containing the loan agreement letter.
According to the agreement, students have availed a loan and on their request, the amount has been transferred to the institute's bank account. After attending two or three demo classes, when students found that the course was not good, the NBFC said that the institute is not ready to refund the amount, as the amount was already transferred to their bank account.
From the very next month, even though students have not registered themselves for the course, EMIs started getting debited from students or their parent’s bank accounts. Angry students have registered a complaint against the institute.
According to Moneycontrol, the matter is still under investigation.
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