4-member gang held for cheating banks

A four-member gang has been arrested for allegedly cheating banks to the tune of Rs 30 lakh by creating fake documents, police sources said. The arrest was made on Saturday, they said.

The modus operandi of the gang was to visit car showrooms for test-driving new vehicles and then go to banks with the vehicles and do valuation for getting loans for which they used fake documents without the knowledge of the car dealers, the police said. The gang would then get the loan amount transferred to their accounts, they said.

The arrest was made by the Narcotic and Economic Crime (NEC) wing of the police, based on a tip-off. A case has been registered and further investigations were on, they added..