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Accused Used Forged IDs, Bogus Businesses to Obtain Loans for High-End Vehicles
The Uttar Pradesh Special Task Force (STF) has apprehended Anangpal Nagar in connection with a large-scale financial fraud case involving fraudulent loans for luxury vehicles. The accused allegedly used fabricated documents and forged identities to obtain multi-crore loans from various banks to purchase high-end cars, which were later sold without repaying the loans.
Authorities stated that Nagar operated the racket for nearly a decade, submitting fake Aadhaar and PAN cards, along with false address proofs, to secure bank approvals. Properties used as addresses were reportedly vacated soon after loan approvals, making recovery efforts by banks ineffective.
To reinforce the false credibility, a fake business named “Preeti Dairy” was registered under a female associate’s name. This front was used to show income stability and legitimacy, a tactic that facilitated smoother loan disbursals. Bank accounts in multiple names were manipulated to present seemingly regular financial activity.
STF Recovers Vehicles in Ongoing Investigation
According to the STF, vehicles obtained via this scheme included a Toyota Fortuner financed for ₹40 lakh from SBI, which was later sold for ₹14 lakh, and a Mahindra Scorpio financed for ₹18.5 lakh from Indian Bank, sold at ₹11 lakh. Two Toyota HyRyders were also acquired and disposed of through similar means.
The arrest was made near Krishna Public School on Kila Parikshitgarh Road in Meerut. A Toyota Fortuner, obtained under the scam, was recovered from Nagar at the time of apprehension. Further investigations are underway to identify additional suspects and vehicles involved in the operation.
Authorities emphasised the need for stronger verification mechanisms within financial institutions to detect and prevent such fraudulent loan activities in the future.
About the Author – Anirudh Mittal is a B.Sc. LL.B. (Hons.) student at National Forensic Sciences University, Gandhinagar, with a keen interest in corporate law and tech-driven legal change.
