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Devaraja police bust 15 racketeers for cheating finance firm after taking Rs 1.35 crore vehicle loan

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Mysuru: Devaraja police cracked a cheating case by arresting a gang of 15 for taking vehicle loan of Rs 1.35 crore from a finance firm and later defaulted without paying EMI. The search is on for other suspects in the case

More than a cheating case, it emerged to be a bigger network at play, as the gang was involved in selling lorries on the basis of forged documents.

The racket was busted after Vijay the area manager of Cholamandalam Finance company lodged a complaint at Devaraja Police station in the city, on March 20.

The accused had taken Rs 1,35,53,000 loan for 10 lorries from Cholamandal Finsnce. After paying the instalments towards loan for a few months, they stopped paying later. When the representatives of the firm went to seize the vehicles they abused and threatened them without producing the vehicles.

During investigation, it came to light that the accused were adept in forging the documents and taking loans on the basis of those documents. Later they used to sell those vehicles after punching the engine and chassis numbers. They had raised loan from several other finance firms too.

That apart, they had created fake documents of lorries of other make, of the RC sheet and transfer documents of RTO offices in Andhra Pradesh. Later, they were applying for transfer and re-registration of the vehicles in Karnataka, on the basis of fake local addresses. They were getting approval for transfers without producing the vehicles. After obtaining the original RC card, they used to apply for CC in other RTOs.

Deploying similar modus operandi, they had obtained about 200 RC cards, according to the accused who have spilled the beans before the investigators.

Overall seven lorries, two cars, one motorbike and two laptops and several documents are seized from the accused.

Police Commissioner Dr Chandragupta has appreciated the police team for busting the racket.

DCP (Law and order) Pradeep Gunti and DCP (Crime and Traffic) Geetha Prasanna, ACP (Devaraja sub-division) Shashidhar M N supervised the investigation.

The police team consisted of Inspector Diwakar and PSIs Raju, Leelavathi, Anil Kumar, Gowtham, Mahendra T S and Madan, personnel Somashetty, Suresh, Nandish, Chandru, Praveen Kumar, Nagaraj, Manchanayaka, Venugopal, Veeresh Bagewadi, Pradeep, Sheela and technical staff Kumar.

– Team Mysoorunews

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