Gang of eight had duped 500 students of one crore rupees

Five women held in education loan scam

Gang of eight had duped 500 students of one crore rupees

What seems too good to be true, probably is. This is a valuable lesson learnt for the 500 odd victims of this gang. Eight people, including five women, were arrested for running an education loan racket involving transactions worth over one crore rupees, police said on Sunday. The gang had lured students offering lucrative rates.

Chapter andVverse: These three men (front), arested by Crime Branch,
allegedly trained the five women and recruited them into the fake loan racket.
PIC/Mid day

"At a raid in Parmanand Colony in Mukherjee Nagar, we arrested Varun Sardana, 24 - the gang leader - Himanshu Sharma, 21, Sunny Pal, 22, and five girls," Additional Commissioner of Police (Crime) Neeraj Thakur said.

Sardana, the brain behind the racket, roped in his friends Sharma and Pal. They together recruited and trained the girls for the sales and marketing part. The gang even got its advertisements published in leading national dailies and provided a phone number through which students contacted them.

They would ask for an initial amount of Rs 2,500 to Rs 3,000 from the client as 'processing fee', and also lured them into paying the first installment of the loan amount and then would vanish and discard the phone number.
"These people would change their address within a couple of months to avoid being caught," Thakur said.

Delhi police raided and nabbed all the accused on Thursday and recovered 26 mobile phones, 16 bank accounts, 57 unused SIM cards, 18 ATM cards - all acquired through fake IDs.

Low rate high price

A 28-year-old former multinational bank staffer, at present working as an insurance agent, was arrested on recently for duping numerous innocent victims under the pretext of providing them loans from various banks on a very low interest rate. One magic pen, two pen drives, 10 photographs, two mobile phones, eight appointment letters, six debit cards, two petro cards and seven fake visiting cards of various official capacities have been recovered from the accused, identified as Dilip Kumar. He was arrested near the Railway Reservation Counter in Sarojini Nagar. Two of his associates Rajan Jaiswal and Arun Tiwari are absconding.
The gang had duped more than 20 victims, out of which ten have been identified.

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