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Mumbai: Three held for duping a finance company of Rs 7.06 cr

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Mumbai: Three persons have been arrested by the Economic Offences Wing (EOW) of the Mumbai police for cheating M/s Fortune Integrated Asset Finance Limited, a non-banking finance company, on Tuesday. The company was cheated to the tune of Rs 7.06 crore for procuring car loans.

The accused Tirumali Abdul Rahman Shamir (40), the owner of M/s A-Star Auto Finance agency, Mohammed Abdul Rahman Shakir (38) and Thogata Mohan Nagaraju (38), the employees of A-Star agency have been arrested.  According to an official, “Between June 2016 and November 2016, the accused had submitted 287 fake documents for procuring loans worth Rs 7.06 crore. The three accused have been arrested from Anantpur, Andhra Pradesh. In 2016, the finance agency had applied for a loan of 457 vehicles. From the total 457 applications, documents of 287 vehicles were bogus.”

The accused have been arrested for criminal breach of trust by clerk or public servant (Section 408), criminal breach of trust by public servant, or by banker, merchant, or agent (Section 409), cheating and dishonestly inducing delivery of property (Section 420), forgery (Section 465), forgery of valuable, security, will etc.(Section 467), forgery for purpose of cheating (Section 468), using as genuine a forged document (Section 471) and criminal conspiracy (Section 120 (B)) of the Indian Penal Code.  M/s Fortune Integrated Asset Finance Limited has been operational since February 2014 and focuses on financing vehicles for private and commercial use. The registered office is at Senapati Bapat Marg at Elphinstone (West).


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