The city police on Tuesday busted an eight-member gang for allegedly cheating private finance companies by availing loans after submitting documents of condemned lorries. The police seized four lorries and documents of the vehicles from their possession.
The arrested persons E . Malla Reddy (48), M.V. Subba Rao (52), M. Srinivas (45), K.A. Anjaneyulu (38), S. Anjaneyulu (30), Mohd. Shameem Ahmed (45), Syed Gaffar (50), and Mohd Yousuf secured loans for the same vehicle after submitting documents of scrapped lorries.
The police said that the accused purchased the documents of lorries sold to scrap dealers through brokers after paying them Rs. 2 lakh. Thereafter, the accused would tamper with the registration, chassis and engine numbers of the vehicle and using these documents, would approach private financers and take loans from them and cheat the finance companies.
