Lucknow, Dec 5 (NationPress) The Uttar Pradesh Special Task Force (STF) has uncovered a significant interstate bank loan fraud exceeding Rs 100 crore, resulting in the arrest of eight individuals from a notorious syndicate. This gang utilized forged documents and fake identities to acquire loans from several banks, officials reported on Friday.

The operation, executed by the STF’s Gautam Buddh Nagar team, led to the capture of the ringleader Ramkumar, a former bank loan executive, along with accomplices Nitin Jain, Mohd Wasi, Shamshad Alam, Indra Kumar Karmakar, Anuj Yadav, Tahir Hussain, and Ashok alias Deepak Jain.

A substantial cache of forged Aadhaar and PAN cards, bank passbooks, cheque books, debit cards, laptops, mobile phones, and three vehicles was seized during the raid.

The investigation commenced after an HDFC Bank official noted irregularities in loan applications. Under the guidance of ASP Rajkumar Mishra and DSP Navendu Kumar, Inspector Sachin Kumar and his team monitored the gang’s operations and set a trap.

Interviews with the suspects revealed the gang's method of creating fictitious identities using forged Aadhaar cards. They established shell companies, opened bank accounts, and generated fake salary slips to create convincing financial profiles. They secured home, personal, and business loans from various banks, often in collaboration with builders and some bank employees.

In numerous instances, loans were acquired against properties using counterfeit documents. After the funds were released, the suspects disappeared, resulting in enormous losses for the banks.

To date, the STF has recovered 126 passbooks/cheque books, 170 debit cards, 45 Aadhaar cards, 27 PAN cards, 15 fake ID cards, five voter IDs, 26 mobile phones, three laptops, and three cars.

Gang members Mohd Wasi and Shamshad allegedly targeted individuals from Bihar and Jharkhand employed in Gulf countries, exploiting their identities to secure loans and acquire properties.

The operation also involved a significant fraud concerning the estate of a deceased Delhi resident, Ratna Vasudeva, against which a loan of Rs 4.8 crore was fraudulently acquired using a woman named Shahida Ahmed.

Another member, Anil Sharma, was previously incarcerated for a Rs 1.25-crore fraud case.

The STF discovered that over 20 shell companies were involved in laundering money, with bank funds being siphoned off through numerous accounts.

Currently, around 220 bank accounts linked to the gang have been frozen.

The arrested individuals are highly educated, with backgrounds in MBAs, law, and even a company secretary. Notably, Mohd Wasi was a former Legal and Risk Manager at Accenture.

The gang’s activities spanned across Noida, Lucknow, Varanasi, Haridwar, Chandigarh, Delhi, and Gurugram.

STF officials have also revealed the involvement of several builders and some bank staff in this extensive network. A case has been registered at Surajpur Police Station, Gautam Buddh Nagar, under various sections of the Bharatiya Nyaya Sanhita (BNS) and Section 66D of the IT Act.

Authorities assert that this network is vast, and further arrests, including those of 'bigger names', are anticipated as the investigation continues.