A case against EducationComp and its directors for fraud of 1955 crores with banks

(PTI) New Delhi, Ta. February 11, 2020, Tuesday

The CBI has filed a case against EducationComp Solutions, its subsidiary company and its directors, for alleged fraud of Rs 1955 crore with a group of 13 banks led by SBI and raided eight places, authorities said today.

According to officials, the agency has been subjected to the provisions of the Criminal Conspiracy, Fraud and Prevention of Corruption Act. Has filed a case against.

After filing an FIR, the agency raided eight complexes of EducationComp Solution, Education Smart and its directors in Delhi, Dehradun and Gurgaon.

The CBI has taken action following a complaint by seven banks, including State Bank of India. Banks alleged that EducationComp Solutions, which started in 1994, worked to create digital educational content for schools and vocational courses in the name of smartclasses and education.

It has been alleged that ESPL sought the loan from the banks by issuing false accounts. Under the banner of ESL SmartClass, hardware and digital content was sold to ESPL. ESPL was selling this material to schools.

After that, ESL stopped selling educational materials to ESPL and started selling educational content to direct schools. In 2016, the loan granted to ESL became NPA.