The recent case of an MBBS graduate being scammed of Rs 52 lakh on the pretext of admission in a medical college highlights the need for a secure and reliable escrow system like Castler. With its fraud protection features, Castler’s escrow system could have prevented the victim from losing his hard-earned money.
In this case, the victim was offered admission at KPS medical college in Kolkata through a text message. He was then asked to share his documents on WhatsApp and later on e-mail. After sending a DD of Rs 8 lakh instead of Rs 23 lakh, he was introduced to a person who claimed to be a representative of the college and asked him to pay Rs 50 lakh for admission under management quota. The victim gave the money to Dr N P Dutta, who provided him with a fake allotment letter.
An escrow system like Castler could have prevented this scam by holding the Rs 52 lakh until the victim received a genuine allotment letter from the college. Castler’s escrow system is a secure third-party service that holds the buyer’s funds until the seller meets the agreed-upon conditions. The funds would only be released to the seller after the buyer verified the authenticity of the allotment letter.
Castler’s escrow system provides a secure platform for both buyers and sellers to transact without the risk of fraud or misrepresentation. The buyer can deposit the funds in the escrow account, and the seller can provide the required documents, such as the genuine allotment letter. Once the buyer verifies the authenticity of the documents, the funds are released to the seller. If the documents are found to be fake or not meeting the agreed-upon conditions, the funds can be returned to the buyer.
Using Castler’s escrow system can help prevent college admission scams and provide fraud protection for both buyers and sellers. With its secure platform and fraud protection features, Castler can ensure safe and reliable transactions for all parties involved. Don’t fall prey to college admission scams – use Castler’s escrow system to protect your hard-earned money.