Two women among three booked for cheating BoB over car loan in Jabalpur

Without repaying the loan amount, the accused sold the car to another person on the fake No Objection Certificate (NOC)

Staff ReporterUpdated: Wednesday, April 06, 2022, 06:37 PM IST
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Car loan fraud | representative pic

Bhopal(Madhya Pradesh): The Economic Offences Wing has registered a case against three persons, including two women, in a loan fraud case in Jabalpur.

Two of the accused had taken a car loan of Rs 16 lakh from Bank of Baroda and the third accused was the loan guarantor, said the officials on Wednesday. The accused, without repaying the car loan, sold off the car to another person. The guarantor was liable to pay the amount if the borrower had defaulted on the loan repayment, however, he too failed.

Police inspector posted at EOW, Dinesh Joshi told media that a complaint was filed by the bank officials to the EOW. In its complaint, the bank stated that Jaishree Agarwal, a resident of Dhanwantri Nagar, Jabalpur had purchased an SUV in partnership with Amit Agarwal, on March 24,2017. The duo had taken a car loan of Rs 16 lakh from the MSME branch of the bank. Shivani Agarwal was the guarantor.

Without repaying the loan amount, the duo later sold the car to Sharad Jaiswal on the fake No Objection Certificate (NOC) which they claimed to have obtained from the Road Transport Department (RTO). When the loan instalment stopped coming, the bank declared it as

non performing asset (NPA) account and lodged a complaint with EOW.

The EOW has registered a case under section 420,467,468,471,120-B of IPC against the three accused of the case.

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