Mumbai News: BKC Police Dismantles Loan Fraud Ring; 3 Held For Posing As Kotak Mahindra Bank Employees

Mumbai News: BKC Police Dismantles Loan Fraud Ring; 3 Held For Posing As Kotak Mahindra Bank Employees

According to the police, six individuals reported to Kotak Mahindra that they had fallen victim to fraud, prompting action from the bank, which registered a case at the BKC police station.

Megha KuchikUpdated: Friday, December 08, 2023, 11:49 PM IST
article-image
Mumbai News: BKC Police Dismantles Loan Fraud Ring; 3 Held For Posing As Kotak Mahindra Bank Employees | Representational image

Police at Bandra Kurla Complex dismantled a gang that deceived people under the guise of offering loans, and arrested three people on Friday.

The accused, posing as employees of Kotak Mahindra Bank, convinced people into taking out loans. Later the impostors sent fake approval letters on the bank’s official letterhead and collected processing fees.

The arrested individuals have been identified as: Deepak Muni, 26, a businessman from Mulund (West); Manish Magan, 27, from Ulhasnagar; and Ankaj Yadav, 23, from Badlapur. A court sent the three to police custody until December 13.

Police seize incriminating items

During the operation, the police seized various items from the accused, including a laptop, 19 mobile phones, 39 SIM cards, 11 debit and credit cards, seven cheque books, passbooks, fake identity cards, and five forged stamps from various banks.

According to the police, six individuals reported to Kotak Mahindra that they had fallen victim to fraud, prompting action from the bank, which registered a case at the BKC police station.

According to officials, the technical expertise of BKC police played a crucial role in dismantling the gang, with the investigation revealing Muni as the main accused, and his mobile containing data with personal details of numerous individuals.

In June 2023, a man named Harish Khawale filed a complaint with Kotak Mahindra Bank, recounting an encounter with an individual named Mashish Pawar, who impersonated a bank employee. Despite Khawale transferring ₹65,495 via Gpay for various charges, including legal fees, processing fees, and disbursement charges, no loan was provided.

Similar incidents happened in the past

Similar incidents were reported by other victims, including Avinash Narayankumar from Navi Mumbai, who received a call from the same number as Khawale. The fraudster consistently used the same mobile number to contact all victims and sent loan approval letters from a shared email address. Through this fraudulent scheme, a total of ₹2,66,505 was collected from multiple individuals. It is possible that additional victims may exist beyond those who have already approached the bank.

Taking swift action, Ashwin Kinni (41), Deputy Vice President of Kotak Mahindra Bank, filed a case against the unidentified individual. The charges include Sections 34 (common intention), 419 (cheating), 420 (cheating and dishonestly), 465 (forgery), 468 (forgery for the purpose of cheating), and 471 (using as genuine a forged document) of the Indian Penal Code, along with relevant sections of the Information Technology Act. The case was formally lodged at the BKC station on November 25.

Senior Inspector Raghunath Kadam and his team conducted the investigation under the guidance of Dixit Gedam, Deputy Commissioner of Police, Zone-8. Further investigation is on.

Seized Items

1 Laptop

19 Mobile phones

39 SIM cards

11 debit and credit cards

7 Cheque books, passbooks, fake identity cards

5 Forged stamps from various banks

RECENT STORIES

Mumbai University's Centre For Extra-Mural Studies Hosts Workshop On Smart Gardening

Mumbai University's Centre For Extra-Mural Studies Hosts Workshop On Smart Gardening

Maharashtra: Opposition Boycotts CM Shinde's Tea Party, Cites Farmer Woes, Law & Order Concerns

Maharashtra: Opposition Boycotts CM Shinde's Tea Party, Cites Farmer Woes, Law & Order Concerns

FPJ Cyber Secure: Investors Lose Over ₹3.6 Crore In Separate Stock Market Scams

FPJ Cyber Secure: Investors Lose Over ₹3.6 Crore In Separate Stock Market Scams

Mumbai: Employee Booked For Forging Documents & Cheating During Work From Home

Mumbai: Employee Booked For Forging Documents & Cheating During Work From Home

FPJ Cyber Secure: 3 Arrested For Swindling ₹7.3 Lakh From Techie In Part-Time Job Fraud

FPJ Cyber Secure: 3 Arrested For Swindling ₹7.3 Lakh From Techie In Part-Time Job Fraud