They would visit banks enquiring about car loan offers. After applying for loans using forged documents, they would 'hire' people from a drama company and set up a fake address for bank officials coming for verification before the formal sanction of the loan.
That's not all. After the loan was sanctioned, the gang would never deposit the demand draft of the loan amount (almost 80 per cent of a car's cost) to the car dealer, but would deposit it in a fake account opened in the name of the dealer. They would later withdraw the money.
Using this modus operandi, the gang cheated several banks to the tune of Rs 1 crore after successfully getting loans sanctioned for more than 20 luxury cars.
The Crime Branch of the Delhi Police have arrested a man identified as Subodh for allegedly getting the loans sanctioned for the cars from several banks using forged documents and then transferring the money to his own account. "The incident came to light after bank officials noticed that no car had been purchased by the customer even after the sanction of the loan. According to rules, the customer has to submit an RC of the car that was purchased using the loan with the bank. Since that was not done for any of the cars, bank officials took notice and approached us with a complaint," a police source said.
Police said the accused would first submit an invoice receipt, quoting the model of the car he wanted to buy, the name of the dealer or the showroom along with the cost of the car. After receiving the demand draft of the loan amount, the accused opened a fake account in the name of the car dealer, and deposited the money in that account.
"Since the DD was in the name of the car dealer, the money went into the fake account. When bank authorities found out about the fraud, they went to the address they visited for verification and found no one there," the source said.
... contd.
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