Hyderabad: The West Zone task force arrested a four-member gang for allegedly cheating financial institutions by taking loans on the same cars more than once. The crooks contact car owners after checking the ads posted by them on sites like Olx.in and Quikr.com.
Saying that they want to buy the cars they collect the Xerox copies of documents after paying a nomonal advance and make fake registration certificates, NoCs and other documents and then take loans more than once using the same vehicle. The vehicle owner is unaware that ownership has changed. The cops seized five cars worth Rs 90 lakh.
The arrested men are Thandava Sainath alias Sai alias Reyan, 32, car financier, and a resident of Defense Colony in Sainikpuri, Sohail Khan, 34, travel agent, and resident of Rasool Pura of Begumpet, Mirza Afsar Baig alias Shafi, 42, a visa consultant and a resident of Al Hassan Colony in Bahadurpura, and G. Koteshwar Rao, 37, a resident of Cherlapally. Another accused Anil alias Venkat is absconding.
Task force DCP B. Limba Reddy said the men conspired to cheat automobile finance institutions and banks by taking loans more than once on the same vehicle. Sohail Khan who is a travel agent and a friend of Mirza Afsar Baig knew how to prepare fake RCs of vehicles and NoCs of banks. Anil, an RTA agent who is now absconding used to procure 'original one side blank plastic RCs containing RTA name and logo from the RTA office. He also prepared fake seals and stamps of banks to use them on NoCs and other documents.
The gang borrowed money from finance institutions and banks and cheated them by submitting fake RCs, NoCs, and ID cards. “They also cancelled the hypothecation on the RCs at the RTA office and obtained fresh loans from finance companies. In this way they borrowed about Rs 82.5 lakh. They have also cheated the RTA by submitting forged NoCs for removal of hypothecation on RCs,” said Mr Limba Reddy.
The gang was earlier arrested for similar offences. The cops also seized a computer, printers, seals and stamps of SBI, ICICI, HDFC Bank, M&M, letter heads, duplicate RCs and NoCs. DCP Limba Reddy asked vehicle owners to keep checking ownership details on the RTO website. If changes are seen immediately alert officials, he said.