The MIDC police on Tuesday arrested the chairman of an educational institution from Ranchi in Jharkhand for misappropriation of funds and cheating a non-banking finance company in Mumbai by securing an educational loan of R1.53 crore for 116 students.

Police said the complaint was filed by Pandurang Tukaram Kate, 33, an employee of Eduvanz Finance Ltd. The accused has been identified as Ranveer Kumar, the chairman of Basic Fast Pvt Ltd. Kate approached the MIDC police after students told Eduvanz Finance that Basic Fast had not provided them with any money for fees or laptop, study material, etc.