Auto Loan Racket

A fake auto loan racket that went by the name of “Auto City Link Rent A Car” is now out of business. The Navi Mumbai Police busted the fake auto loan racket on Saturday, and discovered that it was being run by five gang members. The auto loan racket was operating from the APMC market in Vashi000 since July of last year, and between all of the banks, financial institutions, and investors that were duped – they took more than Rs 80 lakh.

More than 225 people have been scammed by these men, with victims located in both Mumbai and Navi Mumbai. When police busted up the scam, they seized two motorcycles, four laptop computers, four desktop computers, a Tata Indica car, a credit card machine with Rs 8,56,665 and car loan documents worth Rs 80,28,948.

The way the auto loan racket worked is that they asked the victims to invest in a car, and told them that they would get them a car loan from a reputable bank. They told them that the auto loan would have an interest rate of 2-5% per month. They then showed the banks falsified documents like ration cards, driver’s licenses, etc. to get car loans from the banks. They showed each customer and each bank the same car.

They then took the money that they got from the car loan and fled. They took both the amount that the customers had paid, plus the car loan amount that the bank had given them. Surprisingly enough, no one has yet filed a complaint against the company, and the police are very surprised by that.

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