The Madhavpura police station have arrested a loan agent, Devendra Rajput, and four officials of the Adarsh Cooperative Bank allegedly for running a scam using money borrowed as car loan. The arrested officials are Kaushik Vyas, Ashok Prajapati, Dinesh Sawant, and Alok Kumar.
Earlier, the Madhavpura police had registered an FIR against Rajput and some officials of the Adarsh Cooperative Bank in connection with the scam. The scam ran for just four months but in this short period Rajput and his accomplices in the cooperative bank allegedly duped some nationalised banks of several crores of rupees.
According to the police, Rajput's modus operandi was simple. Taking advantage of the general need for bank loans on easy terms, he told some people that he could get them the loans easily. Then he allegedly borrowed the money in their name from one of the nationalised banks but as loan for one of the luxury cars.
However, instead of handing over the nationalised bank's draft to the relevant car dealer, Rajput allegedly opened a bogus account at the Adarsh Cooperative Bank in the name of the dealer but operated by him. He was allegedly helped in this by the officials of the cooperative bank who are believed to be his accomplices.
Rajput then withdrew the money and gave a draft to the person who had asked him for the loan in the first place. Not all the people who had asked Rajput to get them a bank loan needed it for a car but they took the money believing that it was a genuine loan that Rajput had managed to get for them. Rajput and the bank officials who were his accomplices allegedly kept part of the loan sanctioned by the nationalized banks while Rajput's clients thought they had actually got them the loan they wanted.
This went on for a few months until one of the car dealers in whose name Rajput was operating one of the bogus accounts filed a complaint of fraud and misappropriation. The dealer, Gallops Motors Pvt Ltd, filed the complaint at Madhavpura police station alleging that a bogus account in their name was being operated at Adarsh Cooperative Bank.
As per the complaint, the bogus account was opened at Adarsh Cooperative Bank in March 2011 using fake documents. Also, transactions worth Rs1.08 crore were done using this account, the complainant alleged.
Police investigation has revealed that the gang had opened bogus accounts in the name of four car dealers - Gallops Motors Pvt Ltd; Infininum Motors Pvt Ltd; Torque Motors Pvt Ltd and Auro Motors. The police have managed to arrest Rajput and the bank officials involved in the scam but they are now investigating the role of people who had taken the loan through Rajput.
Sources said that many of these people are actually victims who have already paid back the loan by some means to escape arrest. On the other hand, some have filed petitions for anticipatory bail in the City Civil and Sessions Court.
One of the victims, Pragnesh Patel, is a 32-year-old businessman who has filed for anticipatory bail. Patel's lawyer, Minesh Waghela, said they had moved the City Civil and Sessions Court for
protection from arrest.
"In this case, Patel's original documents were forged to obtain the loan from the nationalised bank. We have the evidence to prove his innocence," he said.
Another victim of the scam who has also gone to court is Pragnesh Suthar who took a loan through Rajput for a car. He trusted Rajput so much that he gave him all his documents and got the car loan sanctioned through Rajput. However, when the car did not arrive even after a long time and bank officials initiated steps for recovery of the money, Suthar realised that he had been cheated by Rajput.