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100+ Ahmedabad Engineering Students Caught in Loan Scam Linked to Dubious Gurgaon Startup



100+ Ahmedabad Engineering Students Caught in Loan Scam Linked to Dubious Gurgaon Startup

AHMEDABAD: Over 100 engineering students from a prominent Ahmedabad college have fallen victim to an alleged scam perpetrated by a dubious Gurgaon startup. The startup, which claimed to provide business consultancy services, reportedly misused the students’ employment documents to secure education loans of Rs 2.1 lakh each without their knowledge or consent. The total sum involved in the scam is estimated to be over Rs 2.5 crore.

The students, who were recruited through campus placements between 2021 and 2023, were initially promised attractive salaries and a bright future with the company. However, soon after they joined, they began receiving EMI reminders for education loans they had never applied for. The EMIs, amounting to around Rs 5,000 each, were automatically deducted from their bank accounts, while the CIBIL scores of those who couldn’t afford the payments were severely affected.

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When the students confronted the company representatives about the unauthorized loans, they were assured that the matter would be resolved. However, no action was taken, and the company eventually declared bankruptcy, leaving the students in a desperate financial situation.

One of the affected students, Alwaz Pathan, has filed a complaint with the Shahpur police station, alleging cheating by the company representatives. However, the police have yet to register an FIR, citing the nature of the offense as civil.

Advocate Irshad Mansuri, representing Pathan, expressed frustration over the police’s inaction. “We first approached the Sola police, but they refused to accept the complaint. We then went to the Cybercrime Police, who also refused to register an FIR. Now, the complaint is with the Shahpur police, but they haven’t filed an FIR either, claiming it’s a civil offense,” Mansuri said.

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The plight of these engineering students highlights the need for stricter regulations and increased vigilance in the placement process. Colleges must ensure that the companies they partner with are legitimate and have a proven track record. Additionally, students should be more cautious about sharing their personal and financial details with prospective employers.


  • Over 100 students from an Ahmedabad engineering college embroiled in an alleged scam involving a Gurgaon startup.
  • Students claim startup misused their employment documents to secure Rs 2.1 lakh education loans without their knowledge.
  • Loans taken in names of 124 students, totaling over Rs 2.5 crore, causing unexpected bank EMI demands and financial distress.
  • Recruits allege irregular salaries after being hired through campus placements in 2021, leading to the startling loan revelations within two months.
  • Complaint filed with Shahpur police station, accusing startup representatives of fraudulent practices, but no FIR registered yet.
  • Advocates express disappointment over lack of prompt legal action, citing police’s categorization of the offence as civil in nature.
  • Alleged bankruptcy of the startup leaves the future of affected students uncertain, impacting their careers and credit scores significantly.

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