Loan fraud: One arrested from Vasant Vihar

Singh had met Shera at a showroom in South Delhi,where the accused had promised to arrange loans on low interest rates. “Singh had given him a cash payment of Rs 23,000,along with some blank cheques. Later,he came to know that Shera did not work at that showroom. Shera disappeared after taking the money,” a police official said.

On Tuesday,Singh spotted the accused and informed the police. After his arrest,police said,Shera confessed that he had suffered heavy financial losses,after which he started defrauding people.

“In August 2011,he was arrested for giving forged cheques against gold worth Rs 1.26 lakh. After being released from jail,he started tracking people who wanted vehicle loans. He would approach his victims posing as a showroom employee,” the official said.

“After gaining the victim’s confidence,he used to take around Rs 10,000-15,000 as processing fee. Then,he would go into hiding.”