3 held for fraudulent car sales

LUCKNOW: Police on Sunday arrested three persons for using fake bank documents to buy cars and sell them to gullible new customers. Cops have also recovered 10 cars from the possession of tricksters and hunt is on to nab six other members of the gang involved in the business of buying and selling cars fraudulently. Two of the three arrested hail from Lucknow, while one is a resident of Etawah.
Senior superintendent of police Praveen Kumar said "fraudsters used to avail car loans from banks on the basis of forged and fake documents and then used to sell cars to other persons, without paying the monthly instalments for the loan." He added that the arrested accused admitted they used to pay 10% cost of the new vehicle at the showroom, the remaining 90% to be paid through EMIs to various banks. The fraudsters had a tacit tie-up with officials of bank from which they used to avail loans.
The fraudsters after paying 2-3 instalments stopped paying and in connivance with bank officials used to prepare a No Objection Certificate, which they used as a base to transfer the vehicle through RTO and sell it in the market. Cops are also inquiring into the role of bank employees in the fraud. Those arrested include Nitin Verma, Nitin Kesarwani (both from Lucknow) and Lalit Kumar Goyal from Etawah.