Meerut’s special task force arrested 35-year-old Anangpal Nagar on Wednesday, accusing him of masterminding a car loan fraud racket causing losses exceeding Rs2.5 crores to multiple banks. According to Additional SP STF Brijesh Kumar Singh, Nagar has operated the scam for a decade, exploiting forged addresses and fake Aadhaar cards to secure loans on luxury vehicles.
Nagar allegedly used rented houses as fake addresses in loan documents, vacated them after financing the cars, defaulted on EMI payments, and then sold the vehicles at discounted prices to unsuspecting buyers. Six cars linked to the scam have been identified so far.
During interrogation, Nagar disclosed he created a fake enterprise called Preeti Dairy under a female friend’s name in Meerut’s Modipuram region. This sham business was used to open multiple bank accounts, transfer funds between them, and manipulate credit scores in tax filings to enhance financial credibility.
In recent instances, Nagar financed a Fortuner from an SBI branch and a Scorpio worth Rs18.5 lakh from Indian Bank under friends’ names, later selling the Scorpio to Mohit Siwach for Rs11 lakh. He also financed two Toyota HyRyder vehicles through Toyota Finance and ICICI Bank using forged address proofs, one of which was sold to a buyer in Ghaziabad’s Rajnagar Extension for Rs16 lakh.
The investigation continues to trace more vehicles and identify other gang members involved in the fraud.
