Nine arrested in bank fraud cases

The Tardeo police claimed to have cracked cases of bank fraud with the arrest of two gangs; one that set up a bogus company and applied for loans under fake names and the other which forged cheques after stealing them from cheque drop boxes.

Written by Aiswarya A | Mumbai | Published: February 11, 2009 12:46 am

The Tardeo police claimed to have cracked cases of bank fraud with the arrest of two gangs; one that set up a bogus company and applied for loans under fake names and the other which forged cheques after stealing them from cheque drop boxes.

“The common element in both the gangs is the elaborate manner in which they planned the fraud. The first gang set up a fake company in the name of ACIL Industries and had even rented an office and opened a website to attain credibility. Whereas the members of the second gang would break open cheque drop boxes in ATMs and banks and forge them,” said Senior Police Inspector Vilas Joshi from Tardeo police station.

From the first gang,the police arrested Ramanand Yadav,Adil Jehan Kapadia and Tanveer alias Jolly Asif Ali Khan a few days back and seized several fake PAN cards,blank ration cards and driving licences. “The accused had used the fake documents to apply for loans in the names of seven persons and duped a bank of Rs 29.5 lakh. The fact that they had rented an office space and installed four air conditioners points out that several scams by them have yielded them large amounts of cash,” said a police officer from Tardeo police station.

According to the officials of the Risk Intelligence and Control Wing of the HDFC Bank,they had first suspected a fraud in November 2008 when they received two loan applications from persons who bore the same address and were employed in the same company.

“Last November,one Mustafa Momin had applied for a car loan while Jignesh Shah had applied for a two-wheeler loan. Later,a verification of their documents revealed that both were employees of one ACIL Industries in Malad and had the same residential address. Their loan was rejected on the ground that the documents were faulty. However,a cursory check revealed that five more employees of the same company with similar addresses had applied for loans in 2008,” said a bank official.

The applicants had also submitted their office visiting cards which had ACIL’s address and their website link. “ACIL’s website said that the company’s branch office was in Malad and the head office was in Jaipur. The website bore a logo which we traced to one Anil Industries in Jaipur and their representatives said that they had only one branch in Jogeshwari. We filed a complaint with the Tardeo police who raided the Malad office and arrested three persons,” said the HDFC official.

Arrested accused— Mohsin Sheikh,Ajay Pillai,Shernaz Sheikh,Nikhil Shah,Rajesh Bhatt and Smita Shah alias Malini Chauhan— from the other gang forged cheques worth Rs 7.6 lakh. The police recovered some cheques and bogus documents from them.

“These accused stole cheques from cheque drop boxes and selected those cheques which were issued by companies. They would then use a chemical to erase the name and amount on the cheque and change it according to their will. They had also created accounts in several branches where they would deposit the swindled money,” said Joshi. He said the accused are wanted in cases in Nagpada,Versova,Vinobha Bhave Nagar and APMC market police stations.  

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