Police arrested a six-member gang on charge of cheating a private bank by securing 42 loans to the tune of ₹1.95 crore by producing fictitious pay slips and bank statements, Kadapa DSP Shaik Masoom Basha said on Saturday.
The kingpin of the gang Abdul Gaffar, who claimed to be an employee of Way to Wealth Private Limited company, lured several traders and wage labourers promising to get them bank loans on payment of a commission of ₹20,000 for every ₹1 lakh, the DSP told the media in Kadapa.
Gaffar collected Aadhaar and PAN cards from 42 loan-seekers, produced fictitious pay slips in the company’s name and fake bank statements and took loans in their names, he added. The bank staff detected that the pay slips and statements were fictitious and lodged a complaint.
Abdul Gaffar, his agents Anthony Babu and Mahabub Basha and three others Hari, Balaiah and Rajasekhar near Built-Up junction were arrested.
