Bank loan racket kingpin busted

Bank loan racket kingpin busted

Cops spread dragnet for three aides

The Central Crime Branch sleuths have busted a fake bank loan agents’ ring in the City and arrested its kingpin.

Jagadish Vasudev Sheth (34), a resident of Pipeline, Malleswaram, is a native of Sirsi in Uttara Kannada district. 

A search is on for his three associates.

Sheth and his aides  B K Raju, Praveen and Srinivas used to make random calls to the public and lure them with loan offers from reputed private banks like Kotak Mahindra, ICICI, Citi Bank, Standard Chartered and Grindlay’s Bank. 

Genuine loan applications

Jagadish used to send one of his associates to contact interested customers and would get genuine loan applications from the said banks filled, collect necessary identification documents, processing fees and their signed blank cheques.

Once they collected the documents and cheques, the  fraudsters would disappear. They would be ‘unavailable’ to the customers. In many cases, they would misuse the signed blank cheques customers submit for loan procedures and withdraw cash from their accounts.

Seven such cases have been registered in the City at Vyalikawal, Hennur, Vijaynagar, Adugodi, Ulsoor, Mico Layout and RT Nagar, with fraud amount totalling to Rs six lakh.

The police have recovered loan applications of various private banks, identity documents of various persons, and blank cheques from Sheth’s residence.

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