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Andhra Pradesh
Four arrested for ‘cheating’ finance companies
Staff Reporter
HYDERABAD: City Police on Wednesday arrested four persons who were allegedly cheating finance companies by securing loans using fake vehicle registration and clearance certificates.
The arrested persons, G. Madhusudhan Rao, K. Sridhar Reddy, Ch. Srinivas and B. Arjun, use’d to secure loans from different finance firms using fake registration and clearance certificates of the same vehicle. They used to buy a pre-owned vehicle, get the documents transferred in the name of some private company employee with the connivance of RTA agents.
The gang would pay Rs. 5,000 to Rs. 10,000 to the employee for cooperating with them and secure loan from the finance company against the vehicle using the documents. They would tamper with the documents and use the same to secure loan from another company. Thus, the gang allegedly secured loans to the tune of Rs. 25 lakh from Shri Ram City Union Finance. Two cars were seized from them. A special team led by Hyderabad Detective Department SI D. Sudhir Reddy nabbed the gang.
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