The Special Task Force (STF) in Noida has dismantled a sophisticated criminal syndicate accused of defrauding multiple banks of approximately Rs 100 crore through bogus loans. The operation led to the arrest of eight individuals who allegedly conspired with builders and exploited bank procedures.
Modus Operandi: A Web of Deceit
According to Rajkumar Mishra, Additional Superintendent of Police at Noida STF, the investigation was triggered by an alert from an HDFC Bank official who flagged suspicious loan transactions. The gang's method was elaborate. They created fake property documents and forged identities to apply for and secure substantial home and personal loans from various banks.
A key accused, Ramkumar, a former loan executive at HDFC and Axis Bank, revealed during interrogation that he worked with builders based in Noida, Lucknow, Varanasi, Haridwar, Chandigarh, Delhi, and Gurgaon. Together, they fabricated complete profiles, registered companies using counterfeit Aadhaar cards, and even appointed fictitious directors.
With insider help from complicit bank employees, accounts were opened for these non-existent individuals. The gang then deposited fake salaries into these accounts to build credible financial histories, making it easier to secure large loans. The illicit funds were subsequently laundered through a complex network of over 20 shell companies, set up by members like Ashok Kumar, Nitin Jain, and Indrakumar Karmakar.
Exploiting the Vulnerable and the Deceased
The gang's cruelty extended to exploiting vulnerable populations. Members Mohd Wasi and Shamshad Alam specifically targeted migrant workers from Bihar employed in Gulf countries. They lured these workers with cash incentives, used their identities to secure loans and buy properties, often without the actual person's knowledge.
In a particularly egregious case, the syndicate used the identity of a deceased woman, Ratna Vasudeva, to transfer her Delhi property to an associate, Sanaullah Ansari, and fraudulently obtain a loan of nearly Rs 5 crore.
Professional Expertise Used for Fraud
Police noted that the accused brought significant professional skills to their illegal operation. While Ramkumar holds an MBA, Wasi is a qualified company secretary with degrees in law and business administration and prior experience as a legal and risk manager. This technical expertise, combined with the use of fake identities, allowed the racket to operate undetected for years.
As banks struggled to trace the accused behind the fabricated profiles and recover the disbursed loans, they approached the police. The STF has now taken decisive action, freezing more than 220 bank accounts linked to the scam.
A formal case has been registered at the Surajpur police station under charges of cheating, forgery, criminal conspiracy, and relevant sections of the IT Act. "An investigation is going on. We are working to trace the full extent of the fraud and recover the siphoned funds," a police official stated.
