Vehicle loan racket busted; two arrested

Ahmedabad, Jan 3 (UNI) City crime branch sleuths today busted a vehicle loan racket by arresting two persons and seized 42 two-wheelers here.

The accused, a former ICICI Bank employee Gaurav Solanki and his partner Milan Patel used to buy vehicles taking loans from ICICI bank by submitting bogus documents. They would later sell these vehicles at a cheaper rate without handing over documents to the buyers.

The duo would tell buyers that they would get the documents at a later date. Moreover, to gain confidence of the unsuspecting buyers, the accused even allowed them to retain a part of the money saying they could pay the remaining amount after receiving the original documents.

Milan used to pay Rs 2,000 to Kumar for every loan he procured while Kumar would get Rs 200 as commission from the ICICI Bank.

The matter came to light after cheques issued by the duo began to bounce and a complaint to this effect was filed by the ICICI bank.

The accused had so far taken loans for more than 100 vehicles.

UNI