Education loan racket busted, 8 held | delhi | Hindustan Times
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Education loan racket busted, 8 held

A group of young men and women were arrested for allegedly running an education loan racket in the Capital.

delhi Updated: Nov 01, 2010 09:20 IST
HT Correspondent

A group of young men and women were arrested for allegedly running an education loan racket in the Capital.

These eight youth defrauded about 500 students by promising them easy loans. The total amount of the fraud runs into more than R1 crore.

Officials of the Crime Branch of the Delhi Police said that the victims never even got to see the office of the racketeers.
The gang was allegedly led by 24-year-old Varun Sardana, a former employee of a multinational bank.

Additional Commissioner of Police (Crime) Neeraj Thakur said, “Sardana, his two school friends Himanshu Sharma, 21, and Sunny Pal, 22, and five girls, aged between 19 and 27 years, were arrested from their office at Parmanand Colony in Mukherjee Nagar on October 28."

Thakur said, "The gang advertised extensively in local dailies in the National Capital Region and offered easy education loans to susceptible customers."

The girls in the gang were used to convince the victims to deposit the sum of money.

The gang operated through 16 bank accounts and 26 mobile phones, all applied for on fake IDs.

The banks where the gang had accounts include State Bank of India, Punjab National Bank, Bank of India, Union Bank and Axis Bank.

Fifty-seven unused SIM cards were recovered from the gang, along with 18 ATM cards.

Thirteen registers with details of transactions, one laptop, one desktop computer and other documents have also
been seized.

According to Thakur, Sardana allegedly hit upon the idea of floating a fake education loan firm while working at a multinational bank in Delhi.

"Sardana left his well-paying job and recruited his school friends, Himanshu and Sunny, to run the racket in Delhi," Thakur said.

"He then hired a few girls and taught them how to sell the story of easy education loans to gullible callers," he added.
The police said that when a client called in, the girl taking the call asked him to first deposit an amount between Rs 2,500 and Rs 3,000 as processing fee in a certain bank account.

After the money was deposited, the client was asked to send all relevant certificates to a particular email ID.
The police added that the gang members fleeced the victims by assuring correction of any sort of deficiencies in
certificates.

"Then the victim was asked to deposit the first installment of the loan in a bank account, before the promised loan materialised," added Thakur.