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Car loan racket busted, 7 arrested

The police, which arrested the seven persons late last week, have seized 19 high-end vehicles, including two Audis, two Mercedes and a Mini Cooper.

By: Express News Service | Mumbai |
January 20, 2021 2:47:00 am
The group then bought high-end vehicles and sold or mortgaged them for much lesser value in cities like Bangalore, Hyderabad, Indore, Noida and Lucknow.

With the arrest of seven persons last week, the Mumbai Police Crime Branch has claimed to have unearthed a car loan racket, in which the accused would buy high-end vehicles with loans obtained with the help of fake documents and then sell or mortgage them in other cities.

The police, which arrested the seven persons late last week, have seized 19 high-end vehicles, including two Audis, two Mercedes and a Mini Cooper.

The police said that the mastermind, Pradeep Mourya, worked as a loan agent and operated from Bhandup. He would create bogus or manipulate documents of his clients and obtain loans under their names. The gang has been operational for the last two years, an officer said.

“Mourya has worked as a car dealer in Navi Mumbai. He helped customers in acquiring loans as well… he used his experience to cheat people,” the officer added.

Mourya went on to rope six persons, who posed as those who had got loans, and later helped in selling or mortgaging the cars.

“People who wanted car loans would approach Mourya for help. Mourya would claim that as their CIBIL score is less, their loan application will be rejected. On the pretext of improving their score, he would manipulate their documents by changing the photograph on Aadhaar and PAN cards and then send his accomplices to the bank to apply for a loan,” said the officer. On several occasions, Mourya had forged documents using fake names and used them to obtain car loans, the police said.

The group then bought high-end vehicles and sold or mortgaged them for much lesser value in cities like Bangalore, Hyderabad, Indore, Noida and Lucknow.

“Three persons in the gang were deputed to look for customers in these cities. They would either sell or mortgage the cars by claiming that they are in urgent need of cash due to some medical emergency,” said the officer.

The racket came to light in the first week of January after a person approached the police alleging that two car registration certificates have been issued in his name.

“We have learnt that more people are involved in the racket,” said an officer.

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