THANE: Two fraudsters who cheated three cooperative banks of more than Rs 1 crore by submitting fake documents of sale and purchase of cars, including a high-end Mercedes Benz, were arrested by the Thane crime branch on Saturday.
Thaikal Matthew Aipe ( 38), mastermind behind the scam, along with his accomplice Umesh Shrikanthak Gowda (35) successfully obtained car loans up to Rs 1.07 crore from three Thane-based banks-City Cooperative Bank, Pune People's Cooperative Bank (both, in Naupada) and Mahanagar Bank-by presenting fake registration certificates and insurance documents of vehicles.
"Matthew was familiar with bank loan formalities as he had ealier worked with several automobile showrooms in Mumbai and Thane. In 2008, he started his own car agency, Alpha Motors, at Kaler in Bhiwandi, which has till date executed 51 sales. "Our inquiries revealed that 18 of these deals were fraudulent and loans were secured on submitting fake RC books,'' said CV Joshi, senior inspector, Thane crime branch.
The modus operandi was simple. "He would develop a fine rapport with the banks and their management by his sweet talks and being regular in making EMI payments. The initial car sales, on which he obtained loans from the banks, were genuine. However, greed got over him and he then manufactured fake RC books showing purchase of high-end cars. The banks would issue a cheque in the account of Alpha Motors for the sale which never was,'' Joshi told TOI.
Matthew is said to have teamed up with two or three unidentified persons who lent their names for the fraud deal. "The arrangement was the money from the bank would be split between Mattew and the person under whose name the car loan was obtained,'' the police official said.
A Mercedes Benz, four Xylo, six Swift, one Logan cars were among the 18 fraudulent deals transacted by Matteew. "The initial 2-3 EMI payments towards the car loans would be done on time so as not to arouse suspicion in the bank. Also it was the only way to ensure that future loans are disbursed on time,'' Joshi said.
Police suspect the role of the bank officals and are inquiring. Meanwhile, the management of Pune People's cooperative bank have suspended its manager one Khobragade for alleged role in the scam.
Thaikal Matthew Aipe ( 38), mastermind behind the scam, along with his accomplice Umesh Shrikanthak Gowda (35) successfully obtained car loans up to Rs 1.07 crore from three Thane-based banks-City Cooperative Bank, Pune People's Cooperative Bank (both, in Naupada) and Mahanagar Bank-by presenting fake registration certificates and insurance documents of vehicles.
"Matthew was familiar with bank loan formalities as he had ealier worked with several automobile showrooms in Mumbai and Thane. In 2008, he started his own car agency, Alpha Motors, at Kaler in Bhiwandi, which has till date executed 51 sales. "Our inquiries revealed that 18 of these deals were fraudulent and loans were secured on submitting fake RC books,'' said CV Joshi, senior inspector, Thane crime branch.
The modus operandi was simple. "He would develop a fine rapport with the banks and their management by his sweet talks and being regular in making EMI payments. The initial car sales, on which he obtained loans from the banks, were genuine. However, greed got over him and he then manufactured fake RC books showing purchase of high-end cars. The banks would issue a cheque in the account of Alpha Motors for the sale which never was,'' Joshi told TOI.
Matthew is said to have teamed up with two or three unidentified persons who lent their names for the fraud deal. "The arrangement was the money from the bank would be split between Mattew and the person under whose name the car loan was obtained,'' the police official said.
A Mercedes Benz, four Xylo, six Swift, one Logan cars were among the 18 fraudulent deals transacted by Matteew. "The initial 2-3 EMI payments towards the car loans would be done on time so as not to arouse suspicion in the bank. Also it was the only way to ensure that future loans are disbursed on time,'' Joshi said.
Police suspect the role of the bank officals and are inquiring. Meanwhile, the management of Pune People's cooperative bank have suspended its manager one Khobragade for alleged role in the scam.
No comments:
Post a Comment