Mumbai: City crime branch has busted a gang of five people for duping businessmen and corporate executives on the pretext of sanctioning huge amount of loans at ease. The gang, which was arrested in the past for similar offences, has duped a businessman on the pretext of sanctioning a loan of Rs 600 crore.
Acting on a tip-off, crime branch unit 11 arrested the main conspirator Shoeb Chandiwala, (46) and Ravindra kamat (58) from Malad on Friday along with three accomplices, Sadiq Shaikh alias Mamu (40) Vijay Grovar (36) and Hiren Bhogayata (38). During the search operation, crime branch has found documents of 30-35 people, who the gang has suspected to have duped along with many bogus PAN card, Aadhar cards, banks cheques and DDs and fake government stamps.
According to the crime branch officer, the gang has a thorough knowledge of how the market operates. It advertised in newspapers and via social media that they could provide huge amount of loans with ease.
The gang met businessmen only at rated hotels and explained to them the entire process.
After the meeting, the scamsters demand photo copies of property papers, which has to be mortgaged against the loan amount.
They prepared an entire mortgage deed and displayed a sanctioned loan amount from the bank in the form of cheques and demand drafts. Meanwhile, the gang members, being bank officials, meet the businessmen with the disbursal letter so that they would be sure of the entire process.
However, the gang used to charge them in lakhs of rupees for the mortgage deed’s registration and stamp duty registration, and after getting the money, they used to escape for good.
“The gang was previously arrested for similar type of offences in 2010, in the past few months as well three offences were found to be registered against them the Uttar Pradesh, and many from the state has been found to be duped,” said Deputy Commissioner of Police (DCP), crime Akbar Pathan.
