India, Feb. 25 -- The Mumbai crime branch has arrested seven persons for operating a fraud car loan racket and has seized 16 high-end vehicles, including BMWs, Fortuners and Thars, worth Rs.7.30 crore from Mumbai, Delhi and Madhya Pradesh.

The police said the vehicles were purchased fraudulently by obtaining bank loans using forged documents of businessmen. The arrested seven worked as agents and procured certain information of the businessmen, like GST registration number, PAN and Aadhaar numbers, to take vehicle loans from financial institutions with forged documents in their names.

The arrested accused were identified as Ravindra Dinanath Girkar alias Pardeep Ravinder Sharma, 47, Manish Subhash Sharma, 39, Sayyed Naveed Sayyed Zulfiq...