HindustanTimes Thu,27 Nov 2014

Bank manager, aides held for vehicle loan racket

HT Correspondent, Hindustan Times  New Delhi, August 25, 2013
First Published: 00:41 IST(25/8/2013) | Last Updated: 00:43 IST(25/8/2013)

A senior manager of a prominent public sector bank and two of his associates were arrested for their alleged involvement in the operation of a vehicle loan racket, the crime branch said on Saturday.


Ravindra Yadav, additional commissioner of police (crime) identified the accused as Rama Chandra Dash, 56, a senior manager at the said bank’s Laxmi Nagar branch, Subodh, 30, a qualified MBA and Sunny Rakhraj, 29, one of their customers.

“A secret input was received that a gang was indulging in getting loans sanctioned on the basis of fake and forged Income Tax Returns (ITRs), salary slips and similar documents,” said additional CP Yadav.

“A team was able to trace a customer who had been duped by the gang. Through his information, the entire chain was traced and a criminal case of cheating was registered.”

Subodh, the mastermind of the racket, was subsequently apprehended and arrested from Krishna Nagar. Investigations, the police claimed, revealed that he was involved in a huge number of sanctioned loan cases. Further questioning led the crime branch to forged documents and three luxury vehicles arranged through bank loans taken on the basis of the recovered fake documents.

“Subodh disclosed that he used his connections with Dash. He further disclosed that non-eligible customers, who wanted to purchase vehicles through loans from the said bank, were approached by him to remedy the situation with the help of Dash,” additional CP Yadav said.

In one such instance, a vehicle loan was en-cashed by one Sunny Rakhraj. Instead of purchasing a car, however, Rakhraj opened a forged account and en-cashed the demand draft showing himself as the auto dealer. He was also arrested subsequently.

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