Ghaziabad police arrests 3 for finance fraud

Ghaziabad: The Ghaziabad police on Monday arrested three criminals for taking vehicle loans by producing fake documents. Thirteen vehicles have been recovered from them.

During the interrogation they confessed to opening bank accounts on fake documents and preparing bogus statements of accounts for the last one year to take loans from private finance companies, police said.

They used to make downpayments slightly higher than the prescribed limit in order to convince the companies of their bona fides.

They were selling the brand new vehicles at half the price.