NEW DELHI, Jan. 11 -- Delhi Police has busted an organised vehicle loan fraud racket with the arrest of its three key members, who allegedly cheated multiple banks to secure loans using forged identity documents and then sold the vehicles with 'dishonest' intent, officials said on Sunday.
Five vehicles, including a Mercedes-Benz, Maruti Brezza, Tata Altroz, Scorpio-N and Toyota Hilux, have been seized from the accused's possession, they added.
"The accused used forged Aadhaar cards, PAN cards and income-tax returns (ITRs) to create fake identities and avail vehicle loans from various banks. After obtaining the loans, the accused deliberately defaulted on repayments, turning the accounts into non-performing assets (NPAs)," a senior police officer said.
The operation began on December 25 last year, after the Crime Branch received specific inputs about an organised racket involved in large-scale vehicle loan fraud.
"Sustained surveillance and technical analysis revealed that the vehicles were re-registered in different states to evade tracking.
Police found that main accused Aman Kumar impersonated several individuals using forged identities to obtain vehicle loans and sell the vehicles. He was arrested on December 25. Two co-accused were later held, and equipment used to create fake Aadhaar and PAN cards was seized from a Najafgarh shop.
Published by HT Digital Content Services with permission from Millennium Post.