Car dealer who duped bank of ₹2.34cr in 2013 arrestedUpdated: Feb 13, 2020 00:05 IST
Seven years on, the Economic Offences Wing (EOW) of Mumbai Police managed to trace and arrest a 63-year-old man who had allegedly duped a co-operative bank in 2013 of ₹2.34 crore by availing loans for 24 people to buy cars.
According to the banking unit 1, the arrested accused Shaukat Ali Khan,63, is a resident of Mira road.
In 2013, the bank approached EOW and lodged an FIR under cheating and forgery sections of IPC against Khan and 24 others who procured loans under the pretext of buying vehicles.
An EOW official said, “In 2008 to 2009, Khan posed as a dealer for these 24 people. The 24 people come from poor families and cannot afford to buy a car or pay for the loan. They acted on Khan’s instructions for a commission and submitted their documents to the bank.”
Only one car was bought with the loan money while the rest of it was invested for other purposes by Khan. He also submitted forged invoices to the bank.
Khan paid the instalments to the bank till 2013 but later stopped paying the amount and was untraceable.
The police back was unable to trace Khan’s location as he had shut his rented office in Mira Road and had changed his residential address.
“He was traced based on technical evidence to his rented room that was on his wife’s name in Mira road. He was produced before a magistrate court on Wednesday and has been remanded to police custody till Monday for further probe,” said an EOW official.
More arrests are likely, said the official. Further investigation is on.