Ludhiana: Multi-crore loan racket busted, 2 held

Tribune News Service

Ludhiana, February 1

The police have busted a multi-crore loan fraud and arrested two persons for duping hundreds of people on the pretext of granting loan.

The DCP, Investigation, Varinder Singh Brar, ADCP Pragya Jain, ACP Jaspreet Singh, SI, Cyber cell, Paramvir Singh addressed a press conference regarding the matter on Tuesday.

The DCP said after receiving a complaint of cheating from some people, a team under the supervision of ADCP Pragya Jain was constituted. A case under Section 420 and 120 of the IPC and Section 66 of the IT Act was registered against the duo and a probe was initiated.

The DCP said after conducting the preliminary enquiry, raids were conducted and two accused Sunil Chopra of Janta Nagar and Ankit Kumar Kayshap of Model Gram were arrested.

The gang had been operational for over months and had duped hundreds of people of more than Rs 3 crore in the name of loan-processing fee. The gang had also taken an office on rent at Deepak Complex near grain market.

Pragya Jain, while revealing the modus operandi of the accused, disclosed that the gang used to post advertisements at public places and they also used to distribute pamphlets about the offers of group loans by firms.

When they get call from any person wanting a loan, the accused used to tell him to arrange a few more persons and only a group loan would be disbursed collectively to all. The accused used to get only pan cards and aadhar cards from the victims for loan approval.

“The accused never approved loan of any person and cheated hundreds of people by taking a huge money in the name of loan processing fee. After cheating people, the accused used to change their phone numbers and even office,” added ADCP Pragya.

The ADCP said the police also froze Rs 8 lakh lying in the bank account of the accused, which is mainly the proceeds from fraud, and seized Rs 1.5 lakh, 20 mobile phones, 33 ATM cards, fake legal opinion letters, letters heads and stamps of KK Enterprises and Kuber Enterprises.

The police said further probe is on so that more money looted from people could be recovered and the same could be handed over to the victims.

About The Author

Tribune News Service

The Tribune News Service brings you the latest news, analysis and insights from the region, India and around the world. Follow the Tribune News Service for a wide-ranging coverage of events as they unfold, with perspective and clarity.

Join Whatsapp Channel of The Tribune for latest updates.