Five arrested for using fake documents to raise bank loans

Five people, including a finance manager of an auto agency, have been arrested for allegedly raising bank loans against new vehicles using fake documents, police said today.
As many as 11 vehicles, including sedans and SUVs, were recovered from the possession of the accused, UT Chandigarh police said here today.
The arrested have been identified as Samar Thakur - a former employee of an auto finance company, Manoj Thakur, who works as a finance manager at an auto agency, Dushyant Kumar, Sonu Kumar and Parkash, police said.
Giving details about the accused's modus operandi, police said Samar Thakur, who is the mastermind behind the racket, used to obtain documents of loan seekers with the help of his accomplices Sonu and Parkash.

After photocopying the original documents, they were edited and an identity of a fake person was prepared.
Samar, who had contacts in car dealing agencies in the city, used to get the delivery of new cars against which he used to obtain bank loans on the basis of fake documents, a police official said.

Thereafter, fake sales bills of the vehicles were prepared for removing bank hypothecation and the cars were registered without the name of any financing bank in the registration certificate. After this, the vehicles were sold off, he said.
The Chandigarh police said it is examining the role of bank officials who approved the loan for vehicles.

We will also be scrutinising the role of car agencies which delivered the vehicle to the accused without properly verifying the documents and identification, the official said.
Police will also verify the role of officials of Registration Transport Authority where the vehicles got registered after removing the hypothecation from R/Cs, police said.