Delhi’s law enforcement has struck a decisive blow against a vehicle loan fraud syndicate, nabbing three perpetrators and impounding five cars linked to their deceitful operations. The expose highlights the dark underbelly of the auto loan industry, where criminals prey on aspiring car owners with false promises.
Operating under the radar for over two years, the gang masterminded a scheme that defrauded banks and individuals alike. They advertised attractive loan packages on social media and local networks, collecting processing fees and personal details from eager buyers. Once in possession of the funds, they defaulted on EMIs using cloned identities, absconding with the vehicles.
Police intelligence pointed to a hideout in Outer Delhi, where the fraudsters maintained a fleet of pilfered cars. A coordinated dawn raid led to the arrests, with officers seizing laptops, fake stamps, and vehicle registration papers. ‘These crooks engineered a multi-layered fraud, involving over 200 cases across Delhi and neighboring states,’ stated the investigating officer.
The scam’s scale is staggering: estimated losses exceed ₹40 crore, affecting middle-class families who lost savings on dream purchases. Forensic teams are now tracing digital trails to dismantle the entire network, including possible accomplices in financial institutions.
As India witnesses a surge in vehicle sales post-pandemic, such frauds underscore the need for stricter KYC norms and digital verification. Delhi Police commend public vigilance that aided this success and vow to intensify patrols in vulnerable sectors. The accused face rigorous charges, with courts likely to deny bail given the premeditated nature of the crimes.