Transport vehicle loan racket busted in Mysuru

15 arrested; vehicles, documents seized

Fifteen persons have been arrested by the Mysuru city police for duping private finance companies by obtaining loans against trucks and other goods transport vehicles after creating fake documents. The Devaraja police had taken up the investigation after receiving a complaint from the Area Manager of Cholamandalam Finance in Mysuru last year that the accused had obtained a cumulative loan of ₹1.35 crore for purchase of 10 transport vehicles during 2019 and 2020, but had failed to pay their monthly instalments. During police investigation, it came to light that the accused had created fake registration certificates (RC) of the transport vehicles as though they had been registered in different Transport offices of neighbouring Andhra Pradesh. Next, they would create documents for transfer of the non-existent vehicles to Karnataka and submit the same to different RTOs in the State.