Mumbai: 48-year-old man held for loan fraud after purchasing 23 vehicles using forged documents

A 48-year-old man has been apprehended for purportedly acquiring over 20 vehicles, which includes seven cars, by securing loans using forged documents, as stated by a Mumbai police official.

The official said the non-banking finance company began looking for the applicant after EMIs on a two-wheeler loan stopped, he said. NBFC’s check of the documents showed they were forged, after which they filed a case at Marine Drive police station. A probe based on an agreement of sale submitted by the accused, which had his photo and other details, led to the man getting arrested, he said.

It came to light he had bought 23 vehicles, including seven cars, cumulatively valued at Rs 89.02 lakh in this manner and that too on fictitious names. He had even changed the parts of some vehicles as well as their numbers, the official informed.