Thu Sep 12 07:37:00 UTC 2024: ## Luxury Cars Languish in Mumbai After Loan Fraud Bust
**Mumbai:** Over a dozen luxury vehicles, including Audis, Hyundais, and Mahindra SUVs, have been sitting idle outside the Mumbai Crime Branch office for over three years, victims of a major loan fraud investigation. The vehicles, collectively worth Rs 7.8 crore, were seized in January 2021 as part of an inter-state racket involving forged documents and fraudulent loan applications.
While some banks, including ICICI, Axis, and HDFC, have successfully reclaimed their seized vehicles, five cars remain unclaimed, including a second Audi Q5 and a Maruti Ciaz. These vehicles are owned by a nationalized bank that has been repeatedly reminded to take action. Adding to the confusion, two Mercedes Benz cars financed by the company’s own branch are also awaiting recovery as the company pursues legal action.
In a surprising turn of events, a MINI Cooper was returned to Ramsajeevan Maurya, one of the accused, after Punjab National Bank failed to respond to court summons. Maurya, arrested in early 2021, had mortgaged the MINI Cooper along with a Toyota Innova Crysta.
The loan fraud scheme came to light in November 2020 when a Kurla resident, Maujjam Mohammad Satvilkar, discovered he had unknowingly purchased two mortgaged cars. The investigation revealed a sophisticated operation led by Dharambeer Sharma, a former HDFC Bank employee who used his insider knowledge to forge documents and secure fraudulent loans.
Sharma and his associates targeted unsuspecting buyers with fake IDs, fabricated bank statements, and rented temporary residences to pass loan verifications. Once the loans were approved, they mortgaged the vehicles for quick cash and disappeared after making only minimal payments.
Despite some of the accused being out on bail, the police continue their investigation. One key suspect is still being tracked for the fraudulent purchase of another Audi Q5. The case remains ongoing.
First Piper 