Bengaluru: Police arrested three persons for selling used vehicles using fake NOC documents from banks and finance firms when a loan was still due on the vehicle.
The arrested accused have been identified as R. Kiran (44) of Chamarajpet, C. Prabhakar (40), and S. Prakash alias Cheeti Prakash (33) of Mandya’s Nagamangala for their involvement in the crime.
Over 7 vehicles worth Rs. 90 lakh were seized from them, informed the police.
Police claim that Prabhakar and Prakash ran a business selling used vehicles. They would contact vehicle owners who had outstanding vehicle loans and offer to purchase the vehicle in exchange for the loan.
Prabhakar, who owns a Xerox shop, would make fake NOCs and letters terminating loan letters from banks and finance companies. They duped clients into buying the vehicles by using these fake documents. They altered the licence plates of the vehicles to avoid being detected by the financial firms.
The scam came to light when investigating a case filed about fake number plates on vehicles registered at the Banashankari Police Station.
The suspects confessed that they have been running the scam for the past five years. Prabhakar, one of the accused was previously arrested and punished in 2017 in connection with a fraud case, informed the police.
