With the arrest of three persons, including a former executive of a prominent private bank, Delhi Police today claimed to have busted a syndicate which allegedly procured cars through bank loans using forged documents and later sold them off in neighboring states.
The accused were identified as Ram Mehar, Kamal Kaushik, and Rajesh Singh, all residents of Delhi, DCP (southwest) R A Sanjeev said.
The alleged kingpin of the gang, Rajesh Singh alias Amit, was earlier a marketing executive with a prominent private bank in the city, police said.
Singh was aware of all bank procedures with regard to vehicle loans and took advantage of the technical lapses associated therewith.
The police have recovered eight cars and some forged documents from the trio's possession, police said.
After procuring the vehicles through bank loans, they used to sell them off at neighbouring states like Haryana and Punjab, police said.
Based on a tip-off, the police laid a trap and arrested the trio from near IP University on Wednesday afternoon.
"Further investigation is underway. Efforts are being made to arrest more persons suspected to be involved in the syndicate and recover more cars," Sanjeev added.
