Noida | December 5, 2025: In a major breakthrough, the Uttar Pradesh Special Task Force (STF) has uncovered a massive ₹100-crore bank loan fraud operating out of Noida. The sophisticated racket allegedly duped at least 10 banks using forged identity documents, fake profiles, and manipulated loan applications.
Authorities have arrested eight members of the gang, including its kingpin, while a wider probe is underway to trace other collaborators, including possible insiders in the banking system.
How the ₹100-crore racket operated
According to Additional SP Raj Kumar Mishra of Noida STF, the gang had been running the operation for several years, preparing forged Aadhaar, PAN, and identity cards to create fake profiles. These were then used to secure home loans, personal loans, and insurance policies across multiple financial institutions.
“The group targeted banks in Delhi-NCR, Chandigarh, Uttarakhand, and Uttar Pradesh, using falsified documents and colluding with select builders and property dealers to process bogus loan applications,” Mishra said.
Once the loans were sanctioned, the accused withdrew the money through layered accounts and vanished, leaving the banks to discover the fraud later. Preliminary inquiries indicate that the racket may have benefited from internal support within some bank branches, as scrutiny norms were deliberately overlooked.
Eight arrested; more suspects under probe
The arrested individuals have been identified as:
- Ramkumar, resident of Indirapuram, Ghaziabad
- Nitin Jain, resident of Shahdara, Delhi
- Mohammad Wasi, resident of Jharkhand, currently living in Sector 78, Noida
- Shamshad Alam, resident of Bihar
- Indrakumar Karmakar, resident of Gurugram
- Anuj Yadav, resident of Sahibabad, Ghaziabad
- Ashok Kumar alias Deepak Jain, resident of West Patel Nagar, Delhi
- Tahir Hussain, resident of Sambhal
Officials said the accused were part of an inter-state syndicate specializing in forging KYC documents and creating counterfeit financial identities. The STF also recovered digital printers, laptops, and specialized forgery software used for document fabrication.
Huge cache of fake documents seized
During raids, investigators seized a trove of incriminating material, including:
- 126 passbooks and chequebooks
- 170 debit cards
- 45 Aadhaar cards
- 27 PAN cards
- 15 fake employee ID cards and 5 voter IDs
- 26 mobile phones, 3 laptops, and 3 vehicles
- Hundreds of loan application files and property registration documents
Officials added that several seized papers carried fake bank seals and forged digital signatures. A forensic audit team is examining the digital devices to trace the flow of funds and identify the banks defrauded.
220 accounts frozen; inter-state network under lens
The STF has initiated action to freeze 220 bank accounts linked to the accused and filed an FIR at Surajpur Police Station under sections of fraud, forgery, and the IT Act. Investigators suspect that the gang laundered funds through real estate investments and possibly through hawala channels.
A proposal has been made to form an inter-state special investigation team (SIT) to coordinate with police in Delhi, Haryana, Jharkhand, and Uttarakhand.
“Organised system fraud through fake profiles” — STF official
Speaking to reporters, Additional SP said,
“The gang systematically deceived banks using fabricated identities and false loan applications. They exploited system loopholes and even built connections with builders and insiders. We are tracking the entire financial trail to expose the network.”
Part of a larger loan fraud network
Investigators believe the accused were part of a larger North India-based fake loan syndicate operating through shell accounts. Several suspicious financial transactions have surfaced, involving property dealers and money intermediaries across Noida, Delhi, and Gurugram.
Authorities have not ruled out more arrests in the coming days. The STF is coordinating with financial intelligence units and bank vigilance departments to uncover the full extent of the fraud and identify the officials who may have facilitated it.
