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Police bust luxury car mortgage fraud racket
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Andhra Pradesh Breaking News, Telangana News, Hyderabad News Updates, National News, Breaking News
Bengaluru: Adugodi Police have busted an organised racket involved in forging vehicle documents and cheating financiers through repeated mortgage fraud involving luxury cars.
Four accused have been arrested and seven high-end vehicles worth Rs1.74 crore have been seized from their possession.
Police said the sophisticated nature of the forged documents has made it difficult to identify the genuine owners of several seized vehicles.
The accused are being interrogated to identify other members of the syndicate and determine the total value of the fraud.
Police suspect the racket may have cheated several financiers and vehicle owners across Bengaluru.