The Uttar Pradesh Special Task Force (STF) has arrested four individuals in connection with a large-scale banking fraud. The accused are charged with defrauding several banks and housing finance companies of over Rs5 crore by using fake documents to secure home loans.
The suspects, identified as Arif, Wasil, Shiv Pratap Singh, and Arpit Srivastava, reportedly used forged property papers, PAN cards, and Aadhaar cards with altered photographs to create fake identities. These fraudulent documents were used to apply for loans from multiple banks and housing finance institutions.
After receiving complaints about a fraud syndicate operating in Lucknow, the STF launched a detailed investigation. The suspects were apprehended on Tuesday night at Picup Bhawan in Vibhuti Khand, Lucknow.
According to STF officials, the gang utilized fake property documents to register land under fictitious names. They then applied for home loans using these fraudulent registrations. With the help of accomplices within banks and financial institutions, the loans were approved despite the fake paperwork.
The fraudsters would make some initial loan repayments to avoid suspicion before absconding with the loaned funds. The total number of fraudulent loans secured by the gang is estimated to be between 25-30, with the total amount defrauded exceeding Rs5 crore.
The STF is continuing its investigation to uncover more individuals involved in the elaborate scam, and further arrests are expected.