Resource Center Industry Updates MBA among 4 held for cheating banks in Noida - The Times of India
| MBA among 4 held for cheating banks in Noida - The Times of India |
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| Friday, 10 December 2010 14:58 |
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NOIDA: An unemployed business management postgraduate, along with a known cheat The four accused, who were arrested by the Special Operations Group of Noida police from sector 22 on Thursday, tricked at least seven public and private banks and obtained car loans on fake addresses. Top SOG sources indicated that several others, including loan agents from private banks, are now under scanner and their role in the scam is being probed,'' said inspector Arun Kumar Singh from SOG who led the investigations. According to police, the four accused Arpit Chaturvedi, Ragunath Jha, Rajesh Sharma and Vikas ^ used to open fake companies under fake addresses. They would also use fake residential addresses and then produce fake salary slips to obtain car loans. Once they procured a car, they would sell it off at a lower price. ``The accused would then change their address and move to a new place in Noida and Greater Noida,'' said Singh. The cops said they got a tip-off from a customer, a resident of sector 22, who was promised a car at a much lower price than the market rate. ``This man gave us a lead saying that the papers produced before him did not appear to be genuine. We began investigations and found that the accused had applied for bank loans at three leading private banks and four public sector banks. Strangely, they were granted loan each time. We have recovered four cars but the accused might have sold at least 22 cars using the same modus operandi,'' said Singh, adding that Arpit had completed his MBA and knew a lot about banking. ``The gang was led by Vipin and Raghunath. Vipin had even gone to jail earlier because of his involvement in a fake passport racket. While Rajesh was a resident of sector 22, the others stayed in Noida Extension and Greater Noida. While Vikas and Raghunath are from Bihar, Arpit is a resident of Modus Operandi Opened bank accounts providing fake documents such as address, driving licence, PAN card and even salary slip Applied for car loans Once the loan was sanctioned, they procured cars, scouted for clients and sold the vehicles at nominal prices The accused would then shift base and look for a new bank
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and two accomplices, allegedly pulled off one of the biggest bank frauds in Noida.| PARTNERS: | CERTIFICATIONS & RECOGNITIONS: |