The seized cars included two Mercedes-Benz cars, two Audi cars, Mini Cooper Convertible, Toyota Fortuner, Ford Endeavour, MG Hector Plus, etc
Mumbai crime branch recently made a big arrest in a multi-state car loan racket in India. Seven people have been arrested in the bust, identified as Pradeep Maurya (46), Dilshad Ansari (44), Mrigesh Navidhar (42), Salam Khan (42), Vijay Verma (39), Dharambir Sharma alias Wasim Shaikh (31), and Sainath Ganje alias Sandeep Borate (26).
Jagdish Sail, the investigating officer of this case, stated that the leader of this gang, Maurya, has been arrested before for similar crimes in Mumbai and Thane. Gang member Dharam used to be a loan executive for a bank but was fired after aiding Maurya in clearing files for loans. The other members were loan agents, who helped forge documents for the scam.
One member of the group would identify people seeking loans, and ask for their details, including Aadhaar card, PAN card, and residential proof. They would then forge documents using the acquired details to get loans for purchasing expensive cars, and then default on payments.
When bank officials would go to the registered address to enquire about the defaulted payments, they would realise that no such person lives at the address, and that the documents submitted were fake. The gang would then take the car to another state, and pose as a seller in desperate need for cash, citing personal reasons like sister’s wedding.
They would then mortgage the car for quick cash, sometimes for half the market price, offering the car with temporary number plates. The gang has reportedly been active for the last two years, and the members were arrested from Mumbai, Bengaluru, and even Gujarat.
According to police, a few bank officials may also be involved in the racket, to clear the loan applications and verify false details. Plenty of vehicle-related scams and rackets have been unearthed in recent years in India, and we urge our readers to exercise caution when purchasing premium or luxury cars, or any used car for that matter.
Never accept a vehicle without original documents, and always get it registered at the local RTO before completing the payment. It is much safer to use verified channels for buying used cars, like Maruti Suzuki True Value, Hyundai H-Value, Tata Motors Assured, Mahindra First Choice Wheels, Honda Auto Terrace, etc.