The Uttar Pradesh Special Task Force has arrested a leader of a gang that allegedly duped various banks to the tune of Rs 8 crore in the name of financing over 60 car loans, officials said Sunday.
Rajat Kulshreshtha, 34, carrying a reward of Rs 25,000 on his arrest, had multiple cases registered against him in Agra and was arrested from his residence in Noida on Saturday, the officials said.
According to the Noida unit of the STF, Kulshreshtha had floated a fake automobile company with its address in Greater Noida and organised a gang that approached various banks between 2013 and 2016 for loans.
"The gang got 61 vehicles financed during the period on the basis of forged documents. Kulshreshtha had caused the banks a loss of Rs 8 crore by illegally obtaining loans for vehicles that were never bought," Deputy Superintendent of Police (STF) Rajkumar Mishra said.
"Kulshreshtha, a Class 12 pass, had set up the fake company with one his friends Mohit Jain. They had created a website and even hired some staff to respond to telephonic and email conversation with the bank in order to appear authentic," he said.
He said the gang had submitted forged documents including quotations for vehicles' costs, payslips of staff, and other documents to obtain loans.
While probing the case, the Noida unit of the STF got a tip-off that Kulshreshtha would be in his apartment in Sector 78 on Saturday night and he was held from there, Mishra said.
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During the arrest, an apple laptop, a luxury wrist watch, among other items were seized from the flat, while his SUV was also impounded, he said.
An FIR in the case has been registered at the New Agra police station under Indian Penal Code sections 420 (fraud), 467 (forgery) and related offences and legal proceedings were underway, the DSP added.