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Illegal home loan, credit card racket busted in Mumbai

Police on Saturday claimed to have busted a racket to procure home loans and credit cards under fictitious names by arresting two persons.

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MUMBAI: Police on Saturday claimed to have busted a racket to procure home loans and credit cards under fictitious names by arresting two persons.

"It is very hard to ascertain the exact magnitude of the racket as of now, but it can be big," Deputy Commissioner of Police (Detection) Dhananjay Kamlakar said.

Acting on a tip-off, officials of the Crime Branch raided an office in northeast Mumbai on Friday and seized 89 credit cards, 76 PAN cards, 24 rubber stamps, 19 mobile phones, 17 SIM cards, 57 bank passbooks, 12 cheque books, a scanner, a lamination machine and a photo copier, an official said.

They arrested Farukh Sothe (37) and Rajendra Babar (31), who had floated a firm named Ruchi Fabrics Limited. They were allegedly involved in making forged documents, including ration and PAN cards to obtain loans and credit cards. Farukh's brother Ashfaque, a prime accused in the case, is absconding.

Explaining the modus operandi, an investigating official said, "They used to invite applications from those seeking loans. Once a person submitted his photograph, the gang would make a fake pay slip based on which a ration card was also made and they would then apply for loans and credit cards."

Police have recovered 173 photographs of such "unsuspecting" people as well as 49 files containing loan proposals. The gang had also opened bank accounts with fictitious names, he said.

The official said the gang, which was operating for two years, did not repay loans or credit card bills and had caused losses to several institutions, including ICICI Bank, IDBI Bank, HDFC, Yes Bank and ABN-Amro Bank.

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