Mumbai Crime: Loan racket busted, 7 held; cars worth Rs 6 crore seized

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Seven persons were arrested for allegedly operating a racket in which luxury cars were being sold and mortgaged after buying them through loans using bogus documents, a Mumbai Crime Branch official said on Tuesday.

He said 19 cars, including luxury ones like Audi, Mercedes, MG Hector, Mini Cooper, totaling Rs 6 crore, were seized by the Crime Branch''s Unit V.

"The probe started after a man filed a complaint at Kurla police station on January 13 that he was cheated of Rs 9.85 lakh by three persons who sold him two cars that had been bought on loans procured through fake documents," he said.

The Crime Branch found the racket had links to cities like Bengaluru, Hyderabad, Indore, Lucknow, besides Mumbai, said DCP (Crime) Prakash Jadhav, adding that a team under Senior Inspector Jagdish Sail arrested three persons from Wagle Estate in neighbouring Thane.

So far seven people have been arrested and efforts were on to nab more people involved in this racket, he said.

Probe is underway to check if banks and finance firms, which forwarded the accused car loans, are involved in the racket, the DCP added.

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