Three persons including a B Tech graduate were for allegedly running a financing racket and duping at least nine people of thousands of rupees, police said here Monday.
The three were arrested from Najibabad road on Sunday and sent to jail after being produced before a local court, DSP J R Joshi told reporters.
All the three accused hail from Meerut in Uttar Pradesh, he said.
Several fake documents and Rs 4,000 in cash were seized from their possession, Joshi said.
"They offered loans to and charged nearly Rs 4,000 as processing fee. Then they used to reject the applications citing some documentary flaw and did not return the money charged as processing fee," Joshi said. The accused cheated at least nine people in this way, he said.
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