Seven booked for duping bank of ₹1.18 croreUpdated: Aug 10, 2020 01:04 IST
Borivli police registered a complaint against seven people for allegedly submitting fake documents and fraudulently obtaining vehicle loans to the tune of ₹1.18 crore from Canara Bank.
Akshata Walanju, 53, manager of Canara Bank’s Borivli (West) branch, lodged a complaint against seven employees of a car dealership firm. The accused named in the complaint are Raghunath Rane, Ganesh Ubhare, Rahil Khan, Avidh Gharat, Z Madraswala, Shahi Alam and Vishal Tiwari.
Walanju, in her statement, said that Rane, an agent of the car dealership firm, approached her in December 2018 saying his company wants to sell a Mitsubishi Pajero to a customer named Avidh Gharat and wanted the bank to sanction a ₹30-lakh car loan for the same.
After the bank’s circle office gave a go-ahead, Walanju verified the documents and processed the loan file, following which ₹29.60 lakh was transferred to the bank account of the car dealership firm. However, Rane failed to submit the registration number of the vehicle to the bank. On being asked about the same, he told the bank the buyer was waiting for the desired registration number which was leading to the delay.
Later, Rane and Ganesh Ubhare, CEO of the firm, approached the bank to apply for vehicles loans for three more customers, namely Z Madraswala, Shahi Alam and Vishal Tiwari.
After due verification of their documents, loans of ₹29.34 lakh, ₹29.55 lakh and ₹29.55 lakh were sanctioned for the three customers and the amounts were transferred to the firm.
All four customers paid monthly installations for first three months but later defaulted in payment while the car dealer firm failed to deposit vehicle documents to the bank, the FIR states.
Upon re-verification of the credentials on the documents submitted by the customers, some discrepancies were found and some turned out to be fakes. The bank then checked transaction details and found that the accused diverted the funds from the company’s account to their personal accounts and used it for other purposes, said an officer from Borivli police station.
When the bank got in touch with the customers and the car dealership, the complainant was told the customers cancelled the deal as they didn’t like the cars. They also assured her that they would sell the vehicles and repay the bank.
However, after the accused failed to repay the four loans to the tune of ₹1.18crore, the complainant approached the police.
The police have booked the accused under sections 120B (criminal conspiracy), 420 (cheating), 465 (forgery), 467 (forgery of document purported to be a valuable security) and 471 (using forged document as genuine) of the Indian Penal Code. No arrest has been made as of yet.