The Noida unit of the Uttar Pradesh Special Task Force (STF) busted a Rs 100-crore interstate loan fraud racket, officers said. The eight arrested accused had allegedly created shell firms, laundered money and even sold properties belonging to dead owners for which they had colluded with bank employees and builders.

While in some cases, properties were allegedly purchased in the name of “fake individuals”, in others, “builders colluded to obtain loans”, the STF stated.

The accused, arrested on Thursday, have been identified as Ramkumar, Nitin Jain, Md Wasi, Shamshad Alam, Indrakumar Karmakar, Anuj Yadav, Tahir Hussain and Ashok alias Deepak Jain alias Ricky.

According to a press note by the STF, a probe was launched after one of the inspectors received a tip-off that an organised gang w

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