More vehicle loan rackets tumble out in open

Surat: Police registered two more separate offences of borrowing loans on fake vehicles in the last two days. Earlier, an offence of Rs 8.64 crore fraud with Yes Bank was registered by Detection of Crime Branch (DCB) on January 15 after which, FIR in other similar cases were registered in different police stations.
Police booked 24 accused in Athwa police station on Tuesday for an alleged fraud of Rs 5.68 crore with Tata Motor Finance Solution.The accused borrowed 14 loans for the purchase of heavy vehicles. Among the accused 14 are borrowers of the loans, while 10 are employees and service providers working for TATA Motors Finance Solutions. They borrowed loans for 32 vehicles between 2017 to 2018.
In another complaint, police booked 10 accused in Salabatpura police station on Wednesday for borrowing Rs 97 lakh loan from Indusind Bank from 2018 to 2019. The loans were borrowed to purchase six vehicles.
Police investigation so far revealed that Irshad Pathan and his brother Imran are masterminds of the racket. Irshad has borrowed over 50 loans using the same method.
The accused prepared forged papers of purchase of trucks and buses of manufacturers TATA and Ashok Leyland. They also prepared forged general insurance papers of these vehicles and got it registered in Arunachal Pradesh (AP) regional transport offices. Preliminary probe revealed that crooks took advantage of the fact that it was not required to take the vehicle physically to the RTO for registration.
They used to obtain the original registration certificate (RC) of vehicles that do not exist. Using the RC the accused applied for a loan. “The accused approached the financer that they want to buy a used vehicle and received loan money for it,” said police.
After generating a vehicle registration certificate (RC) on forged papers the accused used it to show a resale in Gujarat. “Police have identified a man from Botad in Saurashtra who arranged the RCs from AP. After arranging RC and other documents Pathans used to contact persons who were ready to become a party in the racket for a share,” said a police officer.