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Fraudsters dupe finance companies on pretext of vehicle loans, Delhi Police begins probe

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Believe it or not, several Delhi-based financers have disbursed vehicle loans to people who have never purchased a scooter, bike or car!

The fraudsters, after they received the money in their bank accounts, escaped and the finance companies stood duped and fooled. In the recent past, several such syndicates have emerged who tricked various finance providers worth crores of rupees.

Many such fraud cases have been reported to the police, an official said. These gangs follow the same modus operandi by submitting forged documents required to obtain a car loan.

Explaining the modus operandi, a senior official said that these gangs would make fake documents in the name of various companies and apply for vehicle loans with the bank using fake ID cards.

They opened accounts in the name of some vehicle dealers or companies and raised invoice bills. Once the loans were sanctioned and money remitted to the dealers’ bank accounts, they would withdraw the money and disappear. In a similar incident, Delhi Police Special Cell received a complaint against four persons who have duped TATA Motors Finance Ltd. of Rs 52 lakh recently.

According to the complainant, in the month of January, one Ravindra Kumar Sharma applied for a car loan of Rs 20 lakhs for the purchase of TATA vehicle Hexa XTA.

“He had submitted address proof, identity proof, documents related to his office address, bank statements and salary slip. Based on the initial investigation, the loan was granted and the money was sent to his account,” the complainant told police.

“A month later, he failed to repay the EMI. When the team went to his residential address, it was learnt that he had shifted his base few months ago. Later, the team approached his office and learnt that the company had shut down long time back,” he added.

Few months later, Maya Ram and Deepak Mukesh who claimed themselves to be residents of Vaishali and Vasundhara respectively, applied for a loan of Rs 11.65 lakh and Rs 12 lakh to buy the same model of car.

They also submitted similar papers but claimed to be working with some other firm. After the loan amount was disbursed to their accounts, they failed to repay the loan.

When their paper trail was traced, it was found that Deepak and Mukesh had given a reference of Ravindra Kumar.

“Further, it was learnt that all four of them were known to each other and followed the same modus operandi to dupe the company,” the complainant told police.

Speaking to Mail Today, a senior police official in the cyber cell unit of Special Cell said that they have registered a case under sections 420, 467, 468, 471, 120 B and 34 of the Indian Penal Code and Sections 66 and 66 D of the IT Act. Further investigation is underway, he added.