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A UCO Bank senior manager and two others were arrested by the Crime Branch for allegedly running a car loan fraud racket.
Acting on a tip-off,police traced a man who was cheated by the gang and lured one of the accused.
Additional Commissioner of Police (Crime) Ravindra S Yadav said,We arrested the main accused Subodh from Krishna Nagar in East Delhi.
During questioning,Subodh told police that a senior manager at UCO Bank,Rama Chandra Dash,had helped the gang get loans sanctioned.
He disclosed that the bank manager was from his village in Orissa. Subodh,in connivance with Dash,conspired to get the loans sanctioned to his clients, Yadav said.
Police said their associate Sunny Rakhrai,did not purchase a car using the loan,but got the demand draft encashed by opening bank accounts in the name of fictitious persons.
Police said they were looking for more associates.
Three cars Tata Safari,Hyundai Verna and Honda Breo have been recovered from their possession.
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