Twelve youths,including eight women,were arrested for allegedly duping students seeking education loans,police said.
Investigators said the gang,which included two graduates working in multinational banks,siphoned off more than
Rs 45 lakh from students seeking education loans.
Thirty-six bank accounts have been unearthed,all of which were procured on the basis of forged documents. They had been operating this racket for the past one year,and had duped hundreds of students across the country, said Deputy Commissioner of Police (Crime) Ashok Chand.
The arrests came following investigations into a complaint filed by a student from North Delhi. He alleged that he was duped of Rs 16,800 on the pretext that he would be provided an education loan by a firm called Rotomax Finance Pvt Ltd.
He had seen a newspaper advertisement promising loans. A woman executive told him that Rs 3 lakh could be arranged for him. She directed him to send his education qualification documents via email,and deposit Rs 250 in an account. Later,he was told to deposit Rs 5,000 in an SBI account,to enable them to verify the documents, Chand said.
He deposited the amount at the given bank account. He again received a call from a woman,who informed him that his loan had been approved and their agent will deliver the demand draft of Rs 3 lakh at his residence. However,he then received another call,and was directed to hand over an amount of Rs 10,000 as insurance against the loan, Chand said.
He handed over the amount to a man at the Azadpur Bus Terminal,and was then asked to pay Rs 1,550. After depositing this,whenever he tried contacting the loan providers on their mobile numbers,his calls would go unanswered. It was then that he approached the police, Chand said.
Police managed to track down the accused in Rohini Sector 8. Sandeep Kakkar (25),his brother Vishal Deep Kakkar (22) and eight women were the first to be arrested. Their interrogation led to the arrest of Sandeep Bajaj (25) and Ram Avtar (27). The gang paid a rent of Rs 17,500 per month for their second-floor office in Rohini.
The accused allegedly used 36 bank accounts and 27 SIM cards,all of which were procured on the basis of forged documents. They never operated a bank account for more than a month or two,police said. Sandeep Kakkar,the alleged mastermind,began this business a year ago after quitting his job at a share-trading company in Janakpuri. Bajaj and Avtar are graduates,and they worked with multinational banks as marketing executives till about a year ago.