10 accused in fake financial firms’ case arrested; Rs. 1 crore, 40 phones recovered

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The district police on Tuesday busted a gang that was allegedly involved in running fake finance companies to dupe people, and recovered Rs 1 crore cash, 270 gm gold, 20 ATM cards, 20 cheque books, 40 mobile phones, 15 computer sets, 50 SIM cards, and three cars, including an SUV...

The gang was busted after the Mohali Police received a complaint from a Telangana resident who alleged that he was duped to the tune of Rs. 4.5 lakh by some people on the pretext of low-interest loan...

During the investigation, the names of 18 fake finance companies which included South Capital, Fortune Finance and Leasing, Kevy Finance and Investment Co., MeghSuchitra, Bell India, Vayudoot Finance and leasing, Puran, Absolute leasing and Finevest Corporation, First Horizon National Service, Ankit Business Solution, and Weson Finance and Leasing Co. came to fore...

Explaining the modus operandi, Garg said the accused were running a small call centre from their office in Zirakpur, from where they would make calls to people and offer them loan at very low-interest rate, without any verification and good CIBIL score...

While Amit and Sanjeev were described as the kingpins of the gang, accused Bhawan, who had worked in a finance company in the past, would lure people with loans at an attractive interest rate...

Full story at The Indian Express | 

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