Hyderabad, July 12: The city police arrested a three-member gang with a RTA broker, who duped banks of Rs 25 lakh over the last one year forging Loan Clearance Certificate for cars, today.
They apprehended Mohammed Abdul Waheed alias Arshad (35), a car broker from Malakpet, Nomula Dushyanth Rao (33), a financer from Ghatkesars, and Bagudam Srinivas (41) from Nacharam for selling the cars under hypothecation by creating forged clearance certificates.
Police also seized one Maruti Zen Car and incriminating documents. Arshad had been in the second hand car dealing for 15 year as was B Srinivasa Rao, a RTA broker for last 15 years. N Dushyanth Rao maintained travels company for some years.
About a year back the three formed a gang and had been selling the financed cars by changing the documents of those who had depfaulted in the payment of EMIs. So far the gang had sold nearly 12 four wheelers and cheated the banks to the tune of about Rs 25 lakh and by selling the cars shared the amount for their lavish expenditure. The accused were handed over to Mahankali Police, a police release here said.
—Agencies