Luxurious Automobiles – CCB finds automotive loan racket
The Anti-Bank Fraud Wing of Central Crime Department (CCB) has detected a racket in acquiring automotive loans from the branches of public sector banks within the metropolis. Three individuals had been arrested for allegedly dishonest the banks for misrepresentation of information and for producing solid paperwork.
The gang members had gone absconding for 2 years after acquiring loans to purchase high-end vehicles by posing as rich businessmen. The Anti-Bank Fraud Wing took up investigation on the idea of a criticism from Thillai Govindan, supervisor of Punjab Nationwide Bank, Velachery department.
The names of the accused got as Mohammed Musamil, 34, T. Ayyathurai, 32, and B. Balvijay, 35, who furnished addresses of posh bungalows in Neelankarai and Muttukadu.
Musamil shifted to Chennai a few years in the past after his textile enterprise in Tirunelveli took hit. The opposite two joined fingers with him to commit the fraud. They approached bank managers by means of brokers for acquiring loans. The gang submitted solid paperwork akin to proof of earnings, employment and assertion of borrower’s account and obtained loans.
The interrogation with the accused revealed that that they had approached the then managers of Bank of India, Nungambakkam department; Vijaya Bank, Egmore department; Punjab Nationwide Bank, Thiruvanmiyur and Velachery branches; UCO Bank, Adyar department and Indian Abroad Bank, Alwarpet department, by means of middlemen.
“They forged Income Tax papers to show themselves as wealthy businessmen with huge income. They took posh bungalows on rent and lived there to impress the bank officials who sometimes visited the borrowers. In some cases, the loans were sanctioned without even seeing the borrowers,” stated a police officer.
The suspects had been in connivance with the automotive sellers and bought the quantity sanctioned. They availed loans however didn’t purchase the high-end vehicles. In some instances, they purchased a fundamental model after receiving the loan for high-end models.
In just a few situations, they obtained the loan quantity after returning the car to the seller. After acquiring loans, they paid instalments for a few months and later switched off their cell phones and shifted to a different bungalow, the police stated. Police seized 4 luxurious vehicles and arrested the three accused from a complicated bungalow in Neelankarai.
Extra Commissioner of Police, Central Crime Department, P.C. Thenmozhi stated that bank managers ought to concentrate and do correct scrutiny of papers earlier than sanctioning loans.
