Bengaluru, June 3 (IANS) A city duo creating and selling fake documents looking like genuine motor vehicle insurance and registration cards has been arrested, an official said on Wednesday.
"Sridhar, 29, cab driver and Santosh, 20, RTO broker, have been arrested for creating and selling the fake documents," Central Crime Branch (CCB) Deputy Commissioner of Police (DCP) Kuldeep Jain told IANS.
The two were arrested under IPC Sections 420, 468 and 471, pertaining to forgery. They are in judicial custody after they were produced in a local court.
Explaining their modus operandi, Jain said Sridhar, the cab driver, created a fake vehicle insurance policy document when his car's insurance got expired.
"He first tried it on himself and easily got away when stopped by the traffic police. The documents looked like original and the police let him go," he said.
On passing the police test, Sridhar and Santosh identified a way to make money creating such fake documents and vehicle registration cards.
"It will cost some Rs 20-25 thousand to buy insurance per year, but the two were selling these fake insurance documents for around Rs 2,000, creating them at home," said Jain.
The fake papers were so well made that the two could replicate the documents of all major insurance companies in the market which easily passed the traffic police test.
Using 60-70 seals, and following the latest format of such papers, the two continued with their "trade" for six months.
Most enforcement agencies would not spend a much time on the genuineness of the documents, he said.
"It was difficult to apprehend the duo. Based on some leads, we raided their home and seized a lot of seals, documents, a printer and a computer," said Jain.
Likewise, Sridhar and Santosh were also creating fake vehicle registration cards by defacing the flip-side of a card and reprinting with new information, mostly for second vehicles.
"A CCB team led by police Inspector Hazresh detected fake insurance and registration card scam. Two accused have been arrested and fake seals, registration cards, insurance policies have been seized. Further investigation is on," tweeted Joint Commissioner of Police Sandeep Patil.
Some of the leading insurance companies the two used for creating the fake papers included Tata AIG Insurance, Shriram, Reliance and United India Insurance among others.
Mumbai, July 10 (IANS) State-run Punjab National Bank (PNB) has reported a borrowal fraud of Rs 3,688.58 crore in the NPA account of the now bankrupt Dewan Housing Finance Ltd (DHFL).
In a regulatory filing, the bank said that it has already made provisions amounting to Rs 1,246.58 crore.
"A fraud of Rs 3,688.58 crore is being reported by the bank to RBI in the accounts of the company (DHFL). Bank has already made provisions amounting to Rs 1,246.58 crore, as per prescribed prudential norms," it said.
Several other banks have already declared DHFL as a fraud account.
Last November, the Reserve Bank of India (RBI) superseded the Board of Directors of the company and appointed an administrator and accordingly, the board powers were vested in the firm's administrator.
Further, the Mumbai-bench of the National Company Law Tribunal (NCLT) at Mumbai commenced the CIRP against the company in December, following an application by the RBI.
The company reportedly has debt of around Rs 97,000 crore and has allegedly siphoned off Rs 31,000 crore from the total bank loans.
Its promoters Kapil Wadhawan and Dheeraj Wadhawan were arrested by the Central Bureau of Investigation in April.