In a significant crackdown, the Mumbai Crime Branch has dismantled a sophisticated car loan fraud operation, arresting seven individuals and seizing 16 luxury vehicles valued at Rs.7.3 crore. The accused orchestrated a scheme using forged documents to secure loans for high-end cars, including BMWs, Toyota Fortuners, and Mahindra Thars, which were subsequently sold at a fraction of their market value.
Modus Operandi
The arrested individuals, identified as Ravindra Dinanath Girkar (alias Pardeep Ravinder Sharma), Manish Subhash Sharma, Sayyed Naveed Sayyed Zulfiqar Ali, Danish Rafiq Khan, Sainath Venkatesh Ganji, Yashkumar Sunilkumar Jain, and Imran Abdul Wahid Khan (alias Deva), operated as agents within the automotive and financial sectors. They illicitly obtained sensitive information, such as GST registration numbers, PAN, and Aadhaar details of reputable businessmen. Utilizing this data, they fabricated documents to open bank accounts and apply for vehicle loans under the businessmen’s names. To avert suspicion during verification processes, the group rented residential properties temporarily, presenting them as permanent addresses.
Upon approval and disbursement of the loans, the accused would acquire the vehicles and transport them to various states, including Delhi and Madhya Pradesh. There, they sought buyers interested in purchasing luxury cars at significantly reduced prices. In certain instances, the vehicles were mortgaged to private lenders under the pretense of urgent financial needs, such as medical emergencies or family events.
Investigation and Arrests
The fraudulent activities came to light following a complaint lodged at Park Site Police Station against Girkar. He had secured a ₹16 lakh loan from Mahindra and Mahindra Financial Private Limited for a Mahindra Thar but defaulted on the monthly installments and became untraceable. Recognizing the potential breadth of the scam, the case was escalated to the Crime Branch Unit 3 for a comprehensive investigation.
Deputy Commissioner of Police Datta Nalawade stated, “Our investigations revealed that the accused were part of a larger network involved in multiple similar frauds, defaulting on several loans procured for high-end vehicles.” Assistant Police Inspector Amol Mali led the probe, uncovering connections to inter-state gangs. Coordinated efforts resulted in the apprehension of the seven suspects from locations including Mumbai, Thane, Madhya Pradesh, Gujarat, and Punjab.
The operation also led to the confiscation of 11 mobile phones, two laptops, and two pen drives, which are believed to contain further evidence of the fraudulent activities.
Legal Proceedings
The accused have been charged under various sections of the Indian Penal Code, including:
- Section 467: Forgery of valuable security
- Section 34: Acts done by several persons in furtherance of common intention
- Section 120B: Criminal conspiracy
Following their initial police custody, the individuals were presented in court and have been remanded to judicial custody. Authorities are now focusing on tracing additional vehicles acquired through similar fraudulent means and identifying other potential accomplices within the network.
Preventive Measures
This case underscores the imperative need for financial institutions to implement stringent verification processes when approving loans. Regular audits and cross-verification of applicant information can serve as deterrents against such fraudulent schemes. Additionally, individuals and businesses are advised to safeguard their personal and financial data to prevent unauthorized access and misuse.
The Mumbai Crime Branch’s successful operation not only brings the perpetrators to justice but also serves as a cautionary tale about the evolving methods employed by fraudsters in the financial sector.
