Gang providing loans fraudulently via finance firm nabbed in Noida

Noida: Three members of a gang, employed with a financial firm, were nabbed by the Noida police on Sunday for allegedly profiting from providing loans fraudulently

Noida: Three members of a gang, employed with a financial firm, were nabbed by the Noida police on Sunday for allegedly profiting from providing loans fraudulently via the firm. Details of 228 customers were obtained allegedly from the suspects, the police said.

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According to police officers, the firm the suspects worked with provides personal loans to government employees. Eighteen people work at the Noida branch of the firm in Sector 57 and the bank in which the firm had an account is in Ghaziabad’s Modinagar.

The suspects were identified as branch manager Neeraj Sharma, sales officer Ankit Tyagi and field officer Deepak Kumar, all of whom are residents of Ghaziabad.

“Deepak, being the field officer, would gather information of people in need of loans. According to regulations, they are supposed to provide loans to only government officials. But the suspects would create fake IDs and pay slips for non-government officials and approve their loan requests, on which each of them got a hefty commission,” said Anil Kumar, station house officer, Sector 58 police station.

Police said that doubt about the alleged scam was first reported by an official of the bank where the firm conducted its business, when some of the loan recipients did not appear to be government officials.

“Following this, an internal audit was done and a complaint was filed by the firm’s regional risk context manager, following which the suspects were nabbed. At least three more people from the branch are being questioned for their alleged involvement and we will take necessary action against anyone who was a part of the fraud,” said Rajesh S, deputy commissioner of police, zone 1.

He said that the gang has so far allegedly given fraudulent loans worth Rs 11 crore.

Police said the suspects allegedly started the “scam” in June and documents of 228 fake accounts were obtained from the suspects along with three mobile phones. They will also question the loan recipients to determine their alleged role in the fraud, as police suspect some of them to be aware of the irregularities.

The suspects were booked for cheating and forgery (sections 420, 467, 468, 471 and 34 of the Indian Penal Code) and produced before a magistrate from where they were sent to jail.