Cops bust gang that sold new luxury cars at cheap rates

If it's too good to be true, it most probably isn't. This adage fits perfectly what a gang was doing in the city.

If it's too good to be true, it most probably isn't. This adage fits perfectly what a gang was doing in the city.

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The gang was offering brand new luxury cars at half or less than half the market price and had managed to dupe more than 50 gullible people in Delhi and the NCR region. Police said they have cheated people to the tune of R1 crore by selling cars procured on bank loan on forged documents and fake identities.

The Central Delhi police have apprehended three members of this gang and they have been identified as Ashutosh Rana, 31, Aditya Gupta and Harinder Choudhary. Police have also recovered two cars from them.

According to police, the gang which was into this business for the past two years had also duped some private banks in Delhi of more than R1 crore by not returning the car loans they took on forged documents. A leading private bank in central Delhi's IP Estate area was duped of R50 lakh by the gang, a senior police officer said.

"We did not have their identification details or details about their residential addresses, as all the documents which they had submitted in the banks to get loans were fake. Even the documents given at the car showrooms while buying cars were forged. We traced and apprehended them only through the chassis and engine numbers of the cars they had bought and later sold. We located the present owners of the cars and they helped us trace the cheaters," said an investigating officer.

The gang, the officer said, was able to dupe banks, as they had done thorough homework on the loopholes in the banking system.

"They used to submit forged documents to get car loans from banks. For this they would produce proof of address of their rented accommodation. They would live in that house till an employee from the bank visited their place to verify their address proof. They used to vacate their accommodation as soon as the bank sanctioned their loan. They would buy the car after that and then later

sell it to a naïve customer at half the market rate," the officer added.