The 'IT start-up' reportedly took Rs. 25,000 from each candidate in exchange for a 3-month training, partial refund of money paid, along with assured recruitment.
The recruited trainees came to know of the fraud when they returned to find the company shut down after a week-long Independence day holiday.
Fraud in the name of IT 'Start-up'
About PC Technology
According to the company's website, PC Technology Pvt. Ltd. "is a leading IT business brand, with a unique focus on next-gen technologies".
Currently, the website page itself runs into error, displaying only a saved copy from 19 Aug 2016.
24 Aug 2016
Company shuts down operations in various branches
Close to 5000 trainees were recruited by the company across India.
The company estimatedly collected Rs. 1.5 Cr from 600 people in Mumbai alone. It employed similar tactics to collect money, in its other offices as well.
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Initial estimates round up to Rs.5 Cr
As per the initial estimates, more than 2000 candidates were cheated and the company's directors fled with over Rs.5 Crore.
24 Aug 2016
Complaint registered against company's directors
Police have started searching for the PC Technology's CEOs 'Chaya Singh, Yashraj Singh, and Pankaj Kumar', after a complaint was filed against them in Thane's Wagle Estate police station.
The accused were booked on the charges for cheating, criminal breach of trust, and common intention under IPC 420, 406, and 34, respectively.
Similar complaint was also launched in Bangalore's Ashok Nagar police station.