Muzaffarnagar: Nine members of a gang, including a bank manager, allegedly involved in securing loans for high-end cars were arrested and police claimed to have seized 14 cars from their possession.
The gang, busted by Kotwali Nagar police team along with the crime branch, allegedly used to secure car loans from banks and finance companies on fake documents, remove hypothecation clauses from registration certificates of the new cars and sell them to unsuspecting customers at premium price, said SP (city) Rajesh Kumar.
Further, they allegedly used to sell these cars in Delhi, Haryana, Uttrakhand and various districts of Uttar Pradesh. During interrogation, the accused have revealed that more than 60 expensive cars have been purchased and sold so far.
Those arrested include a bank manager Rajeev Maheshwari, his aides Siddhant, Badal, Binni, Manish, Sonu, Ashish, Rohit, and Pankaj.
Meanwhile, the role of a few regional transport office (RTO) personnel is also under scanner.
“This kind of fraud is not possible without the involvement of a bank or RTO employee. Further investigation into the matter is being conducted,” SP said.