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Updated January 4th, 2024 at 15:23 IST

Haryana Master's Graduate uses AI to cheat Mumbai loan company; syndicate exposed

Using Artificial Intelligence tools for forging identity proofs, three men including the mastermind cheated a Mumbai based vehicle loan company.

Reported by: Simran Babbar
Edited by: Shweta Singh
Haryana Master's Graduate Exploits AI to Defraud Mumbai Loan Company
Haryana Master's Grad Uses AI in Mumbai Loan Scam | Image:Republic

 

New Delhi: A trio, including a Master's degree holder from Haryana, utilized Artificial Intelligence to deceive a Mumbai-based vehicle loan company, securing finance for 35 two-wheelers with forged identities. 

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The accused were apprehended after OTO Capital, the finance company, filed a complaint, revealing that the loans were obtained through virtual verification over video calls using forged IDs and photographs.

The Delhi police arrested the three individuals, identified as Ankit from Haryana, Nisar from Delhi’s Seelampur, and Manoj from Delhi’s Gulabi Bagh. Ankit, with a Master's degree in English Hons. from Maharishi Dayanand University, confessed to their operation, detailing how the syndicate acquired vehicles from dealers through mobile numbers for loan applications.

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The police investigation exposed the use of forged documents, including Aadhaar and PAN cards, to secure financing for vehicles. The accused were found to be running a syndicate using fake identities and documents. The police recovered 13 two-wheelers and two mobile phones related to the case during the arrests.

DCP Dr. Hemant Tewari stated, "A total of 13 two-wheelers, including one Royal Enfield motorcycle, and two mobile phones containing relevant details related to the case have been recovered from the arrested accused. Further investigation is underway to arrest the other associates of the accused persons." The accused had engaged in loan fraud during the COVID-19 period, exploiting vulnerabilities in the system to secure loans on the basis of forged and fake documents.

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Published January 4th, 2024 at 15:23 IST

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