Tag: ashok leyland

Digging into the racket of procuring vehicle loan from the bank for ghost vehicles revealed that the fraudsters have duped at least three other banks apart from Yes Bank. Based on a complaint by Yes Bank officials, police have already booked 20 accused and arrested five on Saturday.

Senior police officials informed that the accused have adopted similar modus operandi to cheat ICICI Bank and an inquiry is underway. While police suspect that the gang had targeted two other private banks and their names will be declared only after investigation.

“From the preliminary investigation it was found that the accused have targeted Yes Bank, ICICI Bank and two other banks. The accused borrowed loans using forged papers and vehicle registration certificates (RC),” said police.

The accused have been booked for borrowing 53 loans amounting to a staggering Rs 8.64 crore from Yes Bank between 2016 to 2018. They initially paid instalments but after default in repayment of multiple loans the bank started an inquiry.

“With other banks the total amount of loan borrowed is less,” said an officer.

Manufacturer denied making of these vehicles
Investigation revealed that the accused got bus and trucks registered in Arunachal Pradesh (AP) using forged purchase and insurance papers. Later using these RCs, the accused borrowed loans from banks in Gujarat. Yes Bank officials contacted truck manufacturers TATA and Ashok Leyland for verification of the identification numbers, which they denied. “There could be involvement of bank officials as well when the loan was approved,” said police.

Financial frauds on cops’ radar
“We are doing a quick and in-depth investigation in financial frauds as these criminals siphon off a huge chunk of money in one attempt which is equal to the total value of thefts of loots reported in the city annually. We will immediately nail these crooks who target public money in banks or other victims,” said Ajay Tomar, city police commissioner.