Bengaluru: The incident has sent shockwaves through the private engineering college and the local community, as the loss of Rs 59 lakh is a significant amount for the institution. The college secretary, who initially interacted with the director of the solar power installation company, recounted how the director had approached them with confidence, showcasing brochures and highlighting their past projects to gain trust. The college, impressed with the company’s credentials, expressed interest in installing a rooftop solar power plant on its campus.
After negotiations, the project cost was agreed at Rs 77 lakh, and the college made three payments as advances to the company. The first payment of Rs 8.8 lakh was made on September 26, followed by Rs 20.6 lakh on October 3, and Rs 30.6 lakh on February 2 of the following year. The director assured the college that the advance payments were necessary to source materials for the project.
However, as time passed, the college realized that the progress of the project was extremely slow. The company completed work worth only Rs 5 lakh and started giving excuses for the delay when contacted by the college. Subsequently, the director stopped responding to calls and messages from the college, and when members of the college management decided to visit the company’s office, they were shocked to find it closed.
Further investigations by the college and the police revealed that several notices were pasted on the company’s office door, indicating that the company may have gone bankrupt. The director of the company was nowhere to be found and was suspected to be absconding. It was also revealed that the company may have cheated other individuals or organizations by promising solar panel installations but not delivering on the commitments.
The college has lodged a complaint with the Banashankari police, and an FIR has been registered against the director and the company. The police have initiated an investigation into the matter and are working towards apprehending the director and recovering the defrauded amount. Meanwhile, the college is facing a significant financial setback due to the loss of funds, and the entire incident has raised concerns about the need for stringent background checks and due diligence while entering into financial transactions or agreements with unknown entities.
The incident serves as a cautionary tale for other organizations and individuals who may be considering similar projects or business dealings. It highlights the importance of thoroughly verifying the credentials, reputation, and financial stability of any company or individual before engaging in financial transactions or signing agreements. It also underscores the need for vigilance and due diligence to protect against potential frauds or scams, especially in cases involving substantial financial investments or projects with long-term implications. The college and the police are working together to bring the responsible parties to justice and recover the lost funds, while also spreading awareness about the importance of exercising caution and conducting proper checks to prevent such incidents in the future.
For more news click here!
