Greater Noida: The Noida Special Task Force (STF) has busted an interstate gang involved in defrauding over ₹100 crore by arranging home loans under the pretext of builder projects and flat purchases. Eight key members, including gang leader Ramkumar, have been arrested. Investigations revealed that the gang included trained professionals from banking and finance, company secretaries, MBA and LLB graduates, who colluded with builders and bank officials to execute the fraud.
STF Deputy Superintendent of Police Rajkumar Mishra stated that the case came to light following a complaint by senior officials of HDFC Bank, who reported loans being sanctioned on fake profiles. Acting on the complaint, the STF arrested the accused on Thursday near the Surajpur police station area.
Method of Fraud: Fake Profiles and Forged Documents
The investigation revealed that the gang first collected personal details of individuals. Using these, they created fake Aadhaar and PAN cards to submit documents to various banks.
The gang also prepared fraudulent builder and investor profiles across multiple states and applied for home loans in their names. In many cases, loans were sanctioned for non-existent properties or fake flats.
According to the STF, once the loan amounts were credited, the accused would disappear permanently. Collusion with builders and bank personnel helped streamline the process and avoid scrutiny.
Arrested Accused and Items Seized
The arrested members include:
- Ramkumar, resident of Indirapuram (gang leader)
- Anuj Yadav, resident of Sahibabad
- Nitin Jain and Ashok alias Deepak, residents of Delhi
- Mohammad Wasi, resident of Jharkhand
- Shamshad Alam, resident of Bihar
- Indrakumar Karmakar, resident of Gurugram
- Tahir Hussain, resident of Sambhal
STF recovered 126 bank checkbooks/passbooks, 170 debit cards, 45 Aadhaar cards, 27 PAN cards, 5 voter IDs, 26 mobile phones, 3 laptops, 3 luxury vehicles, and several fake registry and agreement documents. Over 220 bank accounts linked to the gang have been frozen. The accused were presented in court and sent to judicial custody.
High-Profile Case: Fake Loan on Deceased Woman’s Property
Further investigations revealed that the gang registered Shahida Ahmed as the owner of property belonging to deceased Delhi resident Ratna Vasudeva. Subsequently, a ₹4.8 crore home loan was sanctioned against this property.
Gang Structure and Division of Tasks
Gang leader Ramkumar holds an MBA, while Mohammad Wasi is a Company Secretary (CS) with an LLB and serves as Legal & Risk Manager in an exchange company. Other members are also trained in banking and financial operations.
The gang operated by hiding their real identities, using fake profiles to defraud crores of rupees. Each member had a defined role: some prepared documents, others managed banking processes, while some arranged fake buyers or liaised with builders.
Authorities stated that the gang’s network spans Noida, Lucknow, Varanasi, Haridwar, Chandigarh, Delhi, and Gurugram, with indications of collusion from multiple builders and bank employees. The gang had established over 20 shell companies under fake names to withdraw and transfer illicit funds.
This action forms part of the STF Noida’s strategy to curb organized financial crimes. Police have claimed that efforts are ongoing to expose the entire gang structure and apprehend additional implicated members.
