NOIDA- At a coaching centre in Vijaywada, the owner has cheated 54 students for about Rs. 50 lakh and disappeared from the place overnight. The students realized this fact when they saw the coaching premises closed completely and the contact number of the owner was also not reachable. This coaching institute was run by the owner to train the students for a wide range of medical entrance tests, especially NEET. However, the students were cheated and their money was taken away by the owner and now he is out of reach.
This coaching was running the NEET preparation classes. There were 43 girls and 13 boys who had taken the admission in the National Medical Academy in this session. The owner of the academy was a 50-year old man named Ramanna Reddy. Reddy was also one of the faculties in the academy.
When the students and their parents found themselves unable to get in touch with the owner, they registered a complaint against him in the police station. Now Penamaluru Circle Inspector K. Damodar is dealing with this case. According to the statement given by the inspector, the owner of the coaching was having severe financial crunch. When he failed to bear the same crisis, he simply shut down the coaching centre and ran away with the money amounting 50 lakhs.
According to the information furnished by the Police, the owner had taken Rs. 1.5 lakh from each of the student. Some of them had made the coaching fee payment of Rs 50,000 to 1 lakh for the entire course of nine months. He somehow managed to run the classes for few months but gradually he started experiencing the losses and thus was unable to bear the expenses and costs involved in running the institute. The expenses consist of the salaries of the faculties, maintenance of the institute and other charges.
Not only this, Reddy has also taken money as loans from various units and due to financial crisis; he could not pay the same. Due to all such stress and monetary problems, he could not find himself able to cope with all this and thus ran away from the city and switched off all his four phones.
The police have lodged a case under Section 420 of the Indian Penal Code against the owner Ramanna Reddy. This section contains the cases pertaining to the fraud and cheating. The officers are trying to investigate about his residence in the hometown Nellore and other details.