A four-member gang has been arrested for allegedly cheating banks to the tune of Rs 30 lakh by creating fake documents, police sources said.
The arrest was made on Saturday, they said.
The modus operandi of the gang was to visit car showrooms for test-driving new vehicles and then go to banks with the vehicles and do valuation for getting loans for which they used fake documents without the knowledge of the car dealers, the police said.
The gang would then get the loan amount transferred to their accounts, they said.
The arrest was made by the Narcotic and Economic Crime (NEC) wing of the police, based on a tip-off.
A case has been registered and further investigations were on, they added.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app