Rajkot: A well-organised fake loan racket targeting the second-hand car market has been unearthed, revealing a sophisticated fraud involving forged documents and fake signatures. The accused allegedly not only carried out illegal vehicle sales but also secured loans in the names of unsuspecting buyers, siphoning off the funds. A 29-year-old man, Anand alias Amit Khakkhar, has been identified as the mastermind and arrested. Assets worth around ₹21 lakh, including five cars, have been seized from him.
The case came to light after a complaint by car trader Bakul Rathod, who, along with his associate Nayan Savaliya, had agreed to sell a vehicle for ₹2.35 lakh. According to allegations, the accused took possession of the vehicle along with the original registration certificate (RC), transfer documents, and copies of the owner’s PAN and Aadhaar cards. He later sold the same vehicle to a third party for ₹2.82 lakh without informing the original seller and allegedly forged the owner’s signature on the transfer documents.
Investigations revealed that the accused followed a carefully planned modus operandi. He would approach sellers of second-hand cars, obtain photographs of RC books, and create convincing colour copies. He then kept the original RCs while handing over fake duplicates to the owners. Using forged signatures on transfer forms, he would sell the vehicles further and arrange loans in the buyers’ names, diverting the sanctioned amounts into his own account.
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Authorities suspect that some bank personnel may have been involved in the racket. It is alleged that loan amounts sanctioned in the names of buyers were directly credited to the accused’s account, which investigators believe would not have been possible without internal collusion. This angle is currently under detailed examination.
So far, five vehicles have been seized, including two that were brought from outside Gujarat. None of the vehicles were found to have valid documentation during verification. Officials are now working to identify the original owners of the seized cars and trace the source of the forged documents used in the fraud.
The transport department is also being consulted to understand where lapses occurred in the document verification process. Investigators are examining whether the racket extends beyond Rajkot to other cities or states, indicating the possibility of a wider organised network.
A case has been registered against the accused under multiple sections of the Bharatiya Nyaya Sanhita (BNS), including Sections 318(4), 336(2), 338, and 340(2). Authorities are now focusing on identifying other individuals linked to the operation and dismantling the entire network.
Experts say that despite increasing reliance on digital and document verification systems, such frauds highlight persistent vulnerabilities in the second-hand vehicle market. The case serves as a warning for both buyers and sellers to exercise due diligence before entering into any transaction.
For now, the exposure of this racket has raised fresh concerns over transparency in vehicle financing and the used-car ecosystem. The course of the ongoing investigation will determine whether this was the work of a single individual or part of a larger, organised syndicate.
