Working as a salesman in an electronics showroom for two years Kulwinder Singh (25), a resident of Ahliwal village, learnt the chinks in the armour of finance companies and banks in financing electronic items.
Singh left the job and started conning finance companies and banks on the pretext of financing electronic items using fake identity proofs.
He allegedly purchased at least nine LCDs from different electronic showrooms and got them financed from different finance companies and banks, till he fell in the police net on Thursday.
The economic offence wing of Ludhiana police commissionerate produced the accused before the court on Friday.
The court has remanded the accused to two days police custody.
The police suspect involvement of some other people including employees of various finance companies and banks in the nexus.
Talking about the arrest of the accused ACP (east) Satish Malhotra said Jaspal Singh, a resident of Bhai Randhir Singh Nagar had lodged a complaint against the accused Kulwinder Singh in police division number 8 under section 420, 467, 468, 471, 472, 473, 474 of the Indian Penal Code on August 30.
The inquiry was marked to inspector Gagandeep Singh, incharge at economic offence wing.
During the investigation, police found that the accused used to produce new driving license and other documents on fictitious names and address to get electronic items financed each time.
Inspector Gagandeep Singh said the accused also produced fake stamps of various departments and also got credit cards of different banks issued on fake names. The accused used to sell the LCDs on a cheaper rate in the market after getting them financed.
The inspector said more important information was expected from the accused during interrogation and more arrests could also be expected.