Navi Mumbai police bust inter-state gang committing financial fraud

Cyber police arrested Ashiq Ali, part of a gang posing as bank staff to steal personal loan details. Four accomplices remain at large.

Navi Mumbai: Cyber police arrested a member of the inter-state gang who project themselves as bank personnel to collect sensitive bank details of gullible individuals to access their pre-approved personal loans. One of the accused from the gang, Ashiq Ali alias Arif, 32, was nabbed from Delhi. Four more are wanted and a search is underway.

Navi Mumbai police bust inter-state gang committing financial fraud 

A crime branch was investigating a case registered in Kalamboli. A 26-year-old man was conned into providing bank details in July 2024, and the information was used by the gang to avail access to pre-approved personal loan of ₹14 lakhs. “During investigation, the banking transactions led us to Delhi. One of the accused in the matter was identified and arrested,” said an officer.

According to the police, the modus operandi of the gang was to use a new number for every new target, convince them to believe that they are calling from Axis bank by registering the same on True Caller app. “The accused are wanted in many other states. They were also involved in the Cyberabad 2023 credit card fraud. Once the call was answered, the gang tried to engage in an extended conversation with the victim to secure their confidential details and use the same to access their net banking to process the pre-approved loan in the victim’s accounts,” said the officer.

The next part of the scam is to inform the victim of a sanctioned loan, for which they would be required to pay EMIs. “The victim is then convinced that this call is from the bank and trusts it to find a solution to process cancellation of the sanctioned loan. The frauds ask for OTP under the pretext of cancelling the loan and using it to transfer the pre-approved loan amount to multiple accounts,” said the officer.

Arif was found to be entrusted with the work of making calls. Preliminary investigation has revealed that the task of sourcing sim cards, phones etc was given to the others. “The gang operated with multiple bank IDs and are in the process of conning others with the same model. We are on the lookout for the remaining,” added the officer.