Father-son duo held in Bareilly in multi-crore racket
Meerut, May 26 -- Police in Bareilly district unearthed a large racket involving fraudulent car loans obtained through forged documents. The Baradari Police Station police arrested a father-son duo allegedly involved in the scam and recovered four luxury vehicles along with fake certificates used to secure loans from banks. The investigation has also exposed the suspected involvement of bank employees, who may face legal action in the coming days.
According to Baradari SHO Vijendra Singh, police received a tip-off late at night that vehicles obtained through fake loans were being prepared for sale at the 99 Bigha ground area costing over Rs 10 crore. Acting swiftly, a police team raided the location and arrested Mohammad Shami alias Shera and his son Mohammad Sairab on the spot.
During the operation, police recovered four high-end cars allegedly procured through fraudulent means. Officials also seized forged income certificates and fake residence documents from the accused.
During interrogation, Sairab allegedly revealed that he, along with his father and a bank employee identified as Ravindra Kumar Nishchal, had been running the racket for some time. The accused reportedly created forged documents to obtain car loans from various banks with ease.
Police said the accused had fraudulently secured loans for at least seven vehicles so far. Several of those vehicles were allegedly sold in other states after being obtained through forged paperwork.
The probe has now widened to examine the role of bank officials in facilitating the fraud. Investigators said bank employee Ravindra Kumar Nishchal allegedly helped the accused prepare fake income and residence certificates, which were then used to get loan approvals from banks.
Police believe the organised collusion caused losses worth crores of rupees to multiple financial institutions. Authorities are now tracing the vehicles sold outside the state and are investigating whether more individuals or bank officials were part of the network.
Officials said further arrests and legal action are likely as the investigation progresses....
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