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Crime: Gang floats fake companies, dupes banks of 23 cr; 8 arrested

Fraud cheating

Noida, 17 May (HS): Crime News: UP Police said that eight people were detained for allegedly defrauding different banks to the tune of 23 crores by forming a dozen fictitious firms and getting loans using falsified papers like Aadhaar and PAN cards of non-existent employees.

According to them, the fictitious companies created accounts for non-existent employees and even withheld provident fund (PF) from their paychecks to guarantee that banks do not question the enterprises’ existence when making loans. The gang was apprehended by officers from the Phase 1 police station with the assistance of the local section of the Uttar Pradesh Police’s Special Task Force (STF), according to Deputy Commissioner of Police (Noida) Harish Chander.

“Eight members of the gang were arrested today based on electronic surveillance, manual intelligence, and confidential information for fraudulently taking loans from various banks by creating fake documents and IDs of various persons and private limited companies,” Chander added.

He stated that police got a complaint from HDFC Bank here alleging that certain loans were obtained fraudulently in the name of fictitious firms, after which a FIR was filed and an inquiry was initiated. “The gang went after several banks, including HDFC Bank, ICICI Bank, and Axis Bank. It had formed and registered fictitious corporations, with staff who existed only on paper except for a few directors. They would acquire bank loans and show that the funds were utilised to pay employees’ salaries,” DCP said.

“The accused not only demonstrated on paper that they were paying salaries to non-existent employees of these firms, but they also demonstrated provident fund deductions. They deposited some money in the PF accounts of these ghost employees on a regular basis to ensure that banks did not cast any doubt on them when making loans,” Chander explained. So far, investigators have discovered that the fraudsters had formed 13 fictitious firms and illegally obtained loans totaling ?23 crore from various banks, which they had not returned, he added. According to police, those detained include Anurag Chatkara, Aman Sharma, Danish Chhibber, Wasim Ahmed, Mohsin, Jeetu alias Jitendra, Ravikant Mishra, and Tanuj Sharma.

According to police, they collected 395 cheque books from various banks, 327 debit cards, 278 PAN cards, and 93 Aadhaar cards in the names of various people. A currency note counting equipment, an identification card producing machine, several company stamps, 187 mobile phones, and three laptop computers were also discovered from the accused’s hands, they claimed. Police also confiscated Rs 1.09 lakh in cash from the group and impounded three vehicles, including a Hyundai Aura, a Hyundai i10 Nios, and a Kia Seltos, as well as two Royal Enfield motorbikes.

According to police, an FIR has been filed under Indian Penal Code provisions for cheating, forgery, and criminal conspiracy against the defendants, who have been sentenced to prison by the court.

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