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Bengaluru-based GeekLurn, which reportedly told students it would raise education loans in their names and transfer EMIs to their accounts as a scholarship.#loan #education #startup #students #fraud #bengaluru #ceo #founder #news #Indianstartupnews pic.twitter.com/VvHkHsdzl8— Indian Startup News (@indstartupnews) June 2, 2023
In a shocking turn of events, Bengaluru-based EdTech firm GeekLurn has come under fire for allegedly defrauding approximately 2,000 students in an education loan scam. The fraudulent activities have resulted in a financial loss of around INR 18 crore. The authorities have arrested the CEO of GeekLurn following investigations into the matter.
According to reports, the company promised students educational loans for pursuing various courses on their platform. However, it was later discovered that the loans were never disbursed, and students were left in significant financial distress. Many had taken loans to pay for the courses and were burdened with debt.
The CEO's arrest is a significant development in the case, as authorities aim to hold responsible individuals accountable for their actions. The incident has sent shockwaves through the EdTech industry, raising concerns about the safety and credibility of online learning platforms.
GeekLurn, like many other EdTech companies, has gained popularity by offering a range of courses in different domains. It had positioned itself as a reliable platform for skill development and career advancement. However, the recent scam has tarnished its reputation and left students in a state of distress.
The incident reminds students to exercise caution and perform due diligence before enrolling in online courses or obtaining educational loans. It is essential to verify the credibility and track record of the platform and carefully assess any financial agreements or commitments.
The authorities are now investigating the extent of the scam and working to assist the affected students. The case highlights the need for stricter regulations and oversight in the EdTech sector to prevent such fraudulent activities and safeguard students' interests.
As the investigation progresses, the authorities must ensure justice is served, and the affected students receive the necessary support. The incident should also serve as a wake-up call for the entire EdTech industry to implement robust mechanisms to protect students from potential fraud and ensure transparency in their operations.
Continue Reading: Read more about the ongoing investigation and the impact of the GeekLurn scam on the EdTech industry.
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