A fake loan racket operating from a call centre in Sector 16, Noida was busted on Tuesday by local police. The gang, led by Vikram Singh, lured victims by offering zero-interest loans and duped thousands into buying insurance policies under the guise of securing the loan.
According to Noida’s Deputy Commissioner of Police (DCP) Yamuna Prasad, 11 people have been arrested so far, while the operation’s masterminds, Gaurav Joshi and his wife Neha, remain at large.
Those arrested include Vikram Singh, Aman Kumar, Keshav Kumar Jha, Arman Chaudhary (all from Ghaziabad), Mohit Kumar, Firoz Khan, Rahul Kumar, Akshay Mishra, Pankaj Singh (all from Delhi), Rahul Singh (from Agra), and Divya Singh (from Noida).
The accused obtained personal data from local vendors and contacted people offering loans ranging from Rs3 to Rs30 lakh at 0% interest. Victims were convinced to buy insurance policies before proceeding with the loan disbursement. These were genuine policies from four major insurers, earning the gang a hefty commission of 40–50% per policy, typically worth Rs50,000 to Rs3 lakh.
The scam had been running for three years. Police seized data of over 100,000 potential victims in both digital and physical form. Officials estimate the operation generated a turnover of nearly Rs8 crore.
“The call centre posed as a legitimate loan and insurance agency. Their method was sophisticated, targeting people who were actively looking for financial support,” said a senior officer part of the investigation.
The police have launched a manhunt to locate the absconding directors and are coordinating with insurance firms for further leads.
