Ghost Vehicle Loan Scam Exposed: 53 Loans, Rs 8.64 Crore, 20 Arrested

The recent exposure of a racket involving the procurement of vehicle loans from banks for ghost vehicles has brought to light a shocking case of financial fraud. The accused, who initially borrowed loans using forged papers and vehicle registration certificates, have been booked for borrowing 53 loans amounting to a staggering Rs 8.64 crore from Yes Bank between 2016 to 2018. The investigation has revealed that the accused targeted multiple banks, including ICICI Bank, and are suspected to have targeted two other private banks as well.

Key Takeaways:

• 53 loans were borrowed from Yes Bank, amounting to Rs 8.64 crore, between 2016 to 2018.
• The accused used forged papers and vehicle registration certificates to obtain loans from banks.
• The investigation has revealed that the accused got buses and trucks registered in Arunachal Pradesh using forged purchase and insurance papers.
• The accused later used these registration certificates to borrow loans from banks in Gujarat.
• Yes Bank officials contacted truck manufacturers TATA and Ashok Leyland for verification of the identification numbers, which they denied.
• Police suspect the involvement of bank officials in approving the loan.
• 20 accused have been booked and 5 have been arrested.

Statistics:

• 53 loans were borrowed from Yes Bank between 2016 to 2018.
• Rs 8.64 crore was borrowed from Yes Bank.
• The accused used forged papers and vehicle registration certificates to obtain loans from banks.
• The investigation is ongoing to determine the extent of the scam.

Sources:

• "Yes Bank officials contacted truck manufacturers TATA and Ashok Leyland for verification of the identification numbers, which they denied."

- (Reported in The Times of India)

• "Financial frauds on cops' radar"

- (Reported in The Times of India)

• "Police arrested five accused on Saturday and are investigating the case further"

- (Reported in The Times of India)