Updated Jan 20, 2021 | 10:10 IST
After getting the car on loan, the gang members would mortgage the vehicles at half the price claiming they need money urgent purposes. The accused have been booked for forgery, cheating and other relevant section of the Indian Penal Code (IPC). | Photo Credit: iStock Images
Key Highlights
Pradeep Maurya is said to be the kingpin of the racket.
Mumbai: The crime branch of Mumbai Police in Maharashtra has busted a high profile car loan racket and arrested seven persons.
The gang members allegedly purchased expensive cars on loan from private banks using forged documents.
The crime branch has also seized at least 19 cars including Mercedes Benz, Audi, Mini Cooper. The estimated cost of the seized cars is said to be around Rs 7 cr, according to a report in Hindustan Times.