Now, fake education loan racket unearthed in New Delhi
01 Nov 2010
A group of young men and women operating an education loan racket were arrested yesterday in New Delhi. The group has allegedly cheated 500 students to whom they had promised easy loans.
The group fraudulently collected more than Rs1 crore from victims and, according to officials of the Crime Branch of the Delhi Police, none of the victims had even been to the office from where the gang operated.
The gang kingpin was allegedly one 24-year-old, Varun Sardana, a former multinational bank employee.
Thakur said, the gang advertised extensively in local dailies in the National Capital Region making false offers of easy education loans to susceptible customers.
The girls in the gang would convince the victims to part with their money and deposit it with the group.
The operations of the gang were carried out through 16 bank accounts and 26 mobile phones under fake IDs.
