Loans – Pretend automobile loan frauds duped 4 banks: Surat cops | Surat Information
SURAT: Digging into the racket of procuring automobile loan from the bank for ghost automobiles revealed that the fraudsters have duped not less than three different banks other than Sure Bank. Based mostly on a criticism by Sure Bank officers, police have already booked 20 accused and arrested 5 on Saturday.
Senior police officers knowledgeable that the accused have adopted related modus operandi to cheat ICICI Bank and an inquiry is underway. Whereas police suspect that the gang had focused two different personal banks and their names will probably be declared solely after investigation.
“From the preliminary investigation it was found that the accused have targeted Yes Bank, ICICI Bank and two other banks. The accused borrowed loans using forged papers and vehicle registration certificates (RC),” stated police.
The accused have been booked for borrowing 53 loans amounting to a staggering Rs 8.64 crore from Sure Bank between 2016 to 2018. They initially paid instalments however after default in compensation of a number of loans the bank began an inquiry.
“With other banks the total amount of loan borrowed is less,” stated an officer.
Producer denied making of those automobiles
Investigation revealed that the accused obtained bus and vans registered in Arunachal Pradesh (AP) utilizing solid buy and insurance coverage papers. Later utilizing these RCs, the accused borrowed loans from banks in Gujarat. Sure Bank officers contacted truck producers TATA and Ashok Leyland for verification of the identification numbers, which they denied. “There could be involvement of bank officials as well when the loan was approved,” stated police.
Monetary frauds on cops’ radar
“We are doing a quick and in-depth investigation in financial frauds as these criminals siphon off a huge chunk of money in one attempt which is equal to the total value of thefts of loots reported in the city annually. We will immediately nail these crooks who target public money in banks or other victims,” stated Ajay Tomar, metropolis police commissioner.