Cracking the Code: Decoding the Rs 100 Crore Home Loan Fraud in Uttar Pradesh

The Uttar Pradesh Special Task Force arrested a gang, led by former bank executive Ramkumar, for securing over Rs 100 crore in home loans using fake identities. The operation, involving 20 shell companies and targeting Gulf workers, utilized forged documents and sophisticated tactics to deceive multiple banks.

The Uttar Pradesh Special Task Force has taken down a sophisticated criminal operation, arresting eight individuals, including the alleged mastermind, in a massive fraud case involving over Rs 100 crore in illegitimate home loans.

The arrests were made following a complaint from an HDFC Bank employee, leading authorities to apprehend the suspects in Surajpur. The accused, including key figure Ramkumar, reportedly orchestrated a scheme involving fake identities and forged documentation to extract loans from numerous banks.

The operation, which utilized 20 shell companies to obscure activities, involved over 200 bank accounts now frozen by authorities. The police have also confiscated various documents and digital devices. Further investigations are ongoing, aiming to uncover the full extent of this organized racket.

(With inputs from agencies.)