Inter-state vehicle racket busted by Mumbai Police: 7 arrested, 19 high-end cars seized
The Mumbai crime branch has busted an inter-state racket by arresting seven people, who allegedly purchase high-end cars after getting them financed by reputed private banks using forged documents. The crime branch has seized a total of 19 cars including two Mercedes Benz, two Audi, one Mini Cooper and some other cars, worth about ₹7 crore from Mumbai, Bengaluru, Indore and other cities.
According to police, after the purchase, the accused would then mortgage the cars and borrow money from individuals under the guise of some urgent requirements like sister’s marriage etc. The accused would later stop paying bank instalments and also would not repay their private lenders.
The arrested accused are identified as Dharambeer Sharma alias Waseem Nazimuddin Shaikh alias Bhaskar Gauda, 31, Mrigesh Navidhar, 42, Sainath Ganji alias Sandeep Borate alias, 26, Pradeep Maurya, 46, Dilshaad Ansari, 44, Vijay Verma, 39 and Salam Khan, 42.
Maurya is suspected to be the mastermind of the racket. He earlier worked in a loan department of HDFC Bank and knew all about the functioning of the department. Few other accused have worked with car dealers. The gang was operating for the last two years, said a crime branch officer.
Senior inspector Jagdish Sail of the unit 5 along with his team arrested the accused from Mumbai, Thane and Bhiwandi area.
The gang made forged documents like Aadhar Card, PAN card, bank statements and income tax returns required for obtaining a loan. They would then apply for a loan in reputed private and nationalised banks. They would rent a house where few of them would stay two to three months till the loan verification was done by banks, said crime branch officer.
“Once the loan verification was completed, the accused bought the cars from dealers after sanctioning of loans. Meanwhile, other members of the gang would identify people in need of cars or could give money by mortgaging cars,” said deputy commissioner Prakash Jadhav of the crime branch.
They mortgaged the cars at half the price after making an agreement, claiming that they required money for sister’s marriage or such other purpose.
The accused assured the lenders that they would continue to pay the bank EMI, but after paying two to three EMIs, they would simply change their mobile numbers to ensure that neither the bank nor the lenders could trace them.
A case has been registered in this regard with Kurla police station on January 13.
The accused have been arrested under the charges of cheating, forgery and other relevant sections of the Indian Penal Code in the case. “There are more accused involved in the case and further investigation is on. It appears that a bank employee could be involved in the racket for clearing car loan and submitting false verification report for a loan” said crime branch officer.