Police said that Ganesh Veling, from the bank, lodged the complaint at Bhandup police station.
The accused, Vinod Mishra, has been booked for cheating, forgery, criminal conspiracy etc. No arrest has been made yet.
“Between 2015 and 2017, the accused had some secondhand cars. For selling purposes, he brought some buyers and arranged bank loans. Documents required for the loan were also submitted. After verification, the loan amounts were disbursed to the agent’s account,” said an officer.
In such cases, the buyer has to pay the EMI to the bank, added the officer. While the accused had got 395 buyers over a period of time, 56 of them stopped paying the loan instalments.
This is when the bank started inquiring as to why the EMI was not being paid.
The bank, during its inquiry, found that while some vehicles did not exist, the registration numbers of some of the vehicles were either incorrect or altogether fake while some vehicles had not been registered with the regional transport office and, in some other cases, the buyer did not even exist.
“The bank officials found these inconsistencies shocking and dubious. Later, a case was registered,” said an EOW source.