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Mumbai firm directors arrested: After contract expired, fraud company continued to use name of its trustee
Two directors of Quirky Technology in Sakinaka were recently arrested, on charges of duping nearly 1,200 people of at least Rs 32 crore. On its website too, Quirky Technology has listed Beacon Trusteeship as being its SEBI-registered third-party escrow agent through which it carries out its loan disbursements and repayments. Escrow agents receive and disburse money to both lenders and borrowers registered with a peer-to-peer lending firm, holding the funds in a secured bank account.
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