Gang of four arrested for loan fraud

A gang of four members has been arrested by the Delhi Police’s Crime Branch for allegedly cheating over 300 people by offering loans on low interest rates. The accused have duped people of ₹4 crore, said the police.

The accused were identified as Krishn Pal (42), Ravi Kumar (27), Tikshnapal (24) and Rajneesh Prakash (35) — all natives of Uttar Pradesh.

They allegedly used to advertise in leading national dailies, offering people a loan on interest rate as low as 2%. People would contact them after being lured by names of established finance companies that the accused operated under.

The alleged cheaters would then ask the victim for money citing reasons like processing fee, agreement fee, advocate fee, and so on.

Multiple accounts

To carry out the plan successfully, the accused had opened 36 accounts in banks across the country using fake identity cards and addresses.

The matter came to light after complainant Joy Pereira, a resident of Mumbai, filed an FIR informing the police of being duped of over ₹80,000 by the gang.

The police have recovered several ATM cards, voters cards, passbooks, driving licenses, digital signatures of election commission, stamps of fake companies, a motorcycle and some jewellery.

“We have registered a case under relevant sections and role of other accused persons is being probed into. More arrests in this case are likely,” said Deputy Commissioner or Police (Crime) Madhur Verma.