Five men booked for taking out loans, cheating people in chain link scam

The Pulakeshinagar police have registered a case of cheating against five men who allegedly lured several people on the pretext of a chain link scheme and purchased vehicles on loan using their documents.

The cheating came to light when the investors started getting SMS alerts from the bank demanding they pay the EMI which they had defaulted on.

When the shocked investors contacted the bank, they realised that the accused who offered huge sums of returns and taken their personal IDs such as Aadhaar and PAN cards and submitted the same to get vehicles on loan in their name.

Nayeema Taj, 32, a tailor from M.S. Palya and one of the victims, said that she was introduced to the prime accused Mohammed Zain by one of her friends in March this year.

The accused, who worked in a mobile showroom on MM Road in Pulakeshinagar, explained the chain link scheme and assured huge sums of returns by just introducing other investors into the scheme.

The accused took copies of her Aadhaar and PAN cards and after the registration process, gave her ₹1,000 cash asking her to get more people and earn more returns.

Overwhelmed, she introduced as many as 25 people from her area and the accused took their details and later purchased vehicles in a bike showroom on loan.

The cheating came to light when Taj started receiving phone calls and reminders from banks asking to pay the vehicle EMIs. Shocked by this, when she called Zain, he told her that he is in Dubai and would return soon to sort out the issue.

Based on the complaint, the police registered a cheating case against Mohammed Zain, Lokesh, Karthik, Mujahid Hafeez and Mansoor on Friday.

Our code of editorial values

This article is closed for comments.
Please Email the Editor

Printable version | Jan 18, 2022 11:20:45 PM |

Next Story