3-member gang held for duping banks

HYDERABAD: A Task Force team apprehended three persons—Mohammed Abdul Waheed, 35, a car broker, N Dushyanta Rao, 33, who was into finance business and B Srinivas, 41, an RTA agent—for fraudulently selling cars under hypothecation by creating forged clearance certificates. The Task Force team seized a Maruthi Zen and other documents from them.
The trio formed a gang and hatched a plan to dupe banks by forging bank letterheads which contain loan clearance certificate.Waheed used to locate car loan defaulters. He used to lure the car owners with a promise to return the EMIs paid by them, sell the car and clear the bank loan.
The desperate defaulter used to give the car and take his paid EMIs with a belief that the bank loan would be cleared. He used to give the car to Dushyanth Rao. In turn, Dushyanth Rao used to sell the car to needy customers and give registration certificates with hypothecation stamp with the help of Srinivas, an RTA broker.
So far, the gang sold nearly 12 four-wheelers, including Innovas, Safari, Alto, Qualis, Scropio, Ford Fiesta, Swift and Zen cars. They cheated banks to the tune of Rs 25 lakh by selling cars to other customers.The trio were handed over to the Mahankali police along with seized vehicles for necessary action.