STF nabs man who duped banks of Rs 8 cr for fake car loans

The Uttar Pradesh Special Task Force has arrested a leader of a gang that allegedly duped various banks to the tune of Rs 8 crore in the name of financing over 60 car loans, officials said Sunday.

Rajat Kulshreshtha, 34, carrying a reward of Rs 25,000 on his arrest, had multiple cases registered against him in Agra and was arrested from his residence in Noida on Saturday, the officials said.

According to the Noida unit of the STF, Kulshreshtha had floated a fake automobile company with its address in Greater Noida and organised a gang that approached various banks between 2013 and 2016 for loans.

"The gang got 61 vehicles financed during the period on the basis of forged documents. Kulshreshtha had caused the banks a loss of Rs 8 crore by illegally obtaining loans for vehicles that were never bought," Deputy Superintendent of Police (STF) Rajkumar Mishra said.

"Kulshreshtha, a Class 12 pass, had set up the fake company with one his friends Mohit Jain. They had created a website and ...