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Ex-IAF officer`s son among 5 held in car finance racket
New Delhi, June 27: With the arrest of five persons, including son of a retired Air Force officer, Delhi Police today claimed to have unearthed a multi-crore-rupee-racket engaged in cheating several banks by getting cars financed against forged documents.
New Delhi, June 27: With the arrest of five persons, including son of a retired Air Force officer, Delhi Police today claimed to have unearthed a multi-crore-rupee-racket engaged in cheating several banks by getting cars financed against forged documents.
The accused would allegedly get the cars financed by paying little margin money and then sell these to other people at throwaway prices with fake papers, Deputy Commissioner of Police (crime and railways) Dependra Pathak said.
The arrested included Nitin Nanda, 24-year-old son of retired IAF flying officer doing BA (final) through correspondence, Sohan Lal Sarawat alias Sonu, who once worked with ICICI verification agency, Manish Kumar Kakkar (22), a computer expert, and Manoj and Davender Pal Singh, he said.
The banks, allegedly cheated by the accused, included Standard Chartered, HSBC, ABN Amro Bank, HDFC, ICICI, CITI Bank, GE Countrywide, he said.
Six luxury cars, computers, printers, fake income tax stamps, bank stamps, voter I-cards and telephone bills have been seized from the accused, Pathak said.
The crime branch received an information that some luxury cars plying on the outskirts of Delhi were laundered and procured at throwaway prices with fake papers and number plates following which two teams were formed, he said.
During interrogation, the five allegedly disclosed they were part of a cartel which manipulated auto finance from various banks and that hundreds of such vehicles have been sold in various parts of the country by their gang, he said.
Bureau Report
The arrested included Nitin Nanda, 24-year-old son of retired IAF flying officer doing BA (final) through correspondence, Sohan Lal Sarawat alias Sonu, who once worked with ICICI verification agency, Manish Kumar Kakkar (22), a computer expert, and Manoj and Davender Pal Singh, he said.
The banks, allegedly cheated by the accused, included Standard Chartered, HSBC, ABN Amro Bank, HDFC, ICICI, CITI Bank, GE Countrywide, he said.
Six luxury cars, computers, printers, fake income tax stamps, bank stamps, voter I-cards and telephone bills have been seized from the accused, Pathak said.
The crime branch received an information that some luxury cars plying on the outskirts of Delhi were laundered and procured at throwaway prices with fake papers and number plates following which two teams were formed, he said.
During interrogation, the five allegedly disclosed they were part of a cartel which manipulated auto finance from various banks and that hundreds of such vehicles have been sold in various parts of the country by their gang, he said.
Bureau Report