Mumbai: Cops bust gang that defrauded financial institutions of Rs 7.5 cr

The Crime Branch team along with the seven fraudsters nabbed

The Mumbai Crime Branch Unit 3 has dismantled a sophisticated network of fraudsters that allegedly defrauded financial institutions to the tune of Rs 7.5 crore. The investigation centres on a gang of seven individuals who used forged documents to secure loans for high-end vehicles, resulting in the seizure of 16 luxury cars - including 11 Toyota Fortuners, a Mercedes, a Mahindra Thar, and a BMW convertible. Deputy Commissioner of Police (Crime) Datta Nalawade revealed that authorities are in the process of seizing an additional 6-7 vehicles currently being transported to Mumbai.

The vehicles seized include a BMW convertible. Pics/Ashish Raje

According to the Crime Branch, the case came to light when Ravindra Girkar, operating under the alias Pradeep Sharma, defaulted on a Mahindra Thar loan in Mumbai's Parksite area of Vikhroli. The finance company's subsequent discovery of fraudulent documentation triggered a deeper probe, which soon exposed an elaborate scam. Nalawade explained, "Our investigations led us to find that the accused, including Ravindra Girkar, Manish Sharma, Sayed Naved, Danish Khan, Sainath Ganji, Yash Jain, and Imran Deva, systematically used forged documents to secure multiple vehicle loans."

Authorities learned that the gang not only forged documents - ranging from fake PAN and Aadhaar cards to counterfeit property allotment letters - but also misused the identity and documents of a businessman from Gujarat. They created fictitious addresses by substituting Girkar's photograph for Sharma's identity, thereby misleading bank verifications.

The fraudsters furnished the down payment to obtain brand-new vehicles and then transferred the cars to other states, altered their chassis numbers, and manipulated ownership documents before reselling them under new ownership identities. Preliminary investigations indicate that the gang may have stolen and sold up to 36 vehicles across state lines.

The accused face charges under sections 467 (forgery of valuable security), 34 (common intention), and 120B (criminal conspiracy) of the Indian Penal Code. The Crime Branch found that some of the accused have previous criminal records in different police stations in Mumbai.