Fake Firm, Fake Names, Real Fraud: ₹50 Lakh Loan Scam Busted

Indore (Madhya Pradesh): In a major bust of a sophisticated loan scam, Indore police have arrested two men from Uttar Pradesh for allegedly defrauding banks of lakhs of rupees by using forged salary slips, fake documents, and stolen identities.

The accused—Ravi Kumar from Noida and Devendra Singh from Meerut—allegedly posed as salaried professionals, submitting falsified documents to banks to obtain personal and car loans. Their modus operandi involved forging everything from salary slips and bank statements to Aadhaar and PAN cards, police said on Saturday.

Scam worth Rs 50 lakh uncovered

According to the police, the two men had already secured loans worth nearly Rs 50 lakh using similar methods from different banks. Their operation began to unravel only when they tried to repeat the process at a private bank in Vijay Nagar, where staff grew suspicious during spot verification.

Both men were produced in court and have been remanded to police custody for seven days. Further questioning is underway to trace others who may have aided or benefited from the fraud.

How the scam was uncovered

According to additional DCP (Zone-2) Amarendra Singh, the case came to light after a private bank filed a written complaint at Vijay Nagar police station. The bank reported a suspicious personal loan application backed by documents that seemed too polished—and too fake—to be real.

On receiving a complaint, a team led by police station in-charge Chandrakant Patel launched an investigation and managed to track and arrest the two accused from different locations

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Impersonation, fake firms, and bogus salaries

Initial investigation revealed that accused Ravi Kumar and Devendra Singh created GST and Gumasta license in the name of Anil Chaudhary, an AC technician working with various companies in Noida. Using these fake documents, they opened a bank account in the name of an AC company.

To make the account look like the company’s account, they had initially deposited cash and regularly transferred fixed amounts on set dates into their own or friends’ bank accounts. This gave the false impression that these amounts were salaries credited by the AC company. They then prepared fake salary slips showing themselves as employees of the company and submitted these forged documents to banks to fraudulently borrow personal loan and car loans amounting to several lakhs.

In one instance, Devendra Singh assumed a false identity as "Dev Sharma", forging Aadhaar and PAN cards under that name. He opened a bank account, simulated salary deposits, and secured a personal loan of Rs11 lakh.

Ravi Kumar’s method was even more deceptive. He persuaded a villager named Shailesh Ahirwar to link Ravi’s mobile number to Shailesh’s Aadhaar card—pretending it was for a routine update. Once the number was linked, Ravi used OTPs to change the Aadhaar address to Indore, pasted his photo onto a fake PAN card in Shailesh’s name, and assumed the man’s identity to open accounts and secure loans.