Delhi Police arrested a key accused in a loan fraud racket for taking a ₹7.30 lakh loan in a woman entrepreneur's name using forged documents. The racket allegedly used victims' details to secure loans and took a 30% commission.
The Delhi Police's Cyber North police station has busted an alleged loan fraud racket involving forged documents and misuse of identity details to obtain business loans, with a key accused arrested in connection with an unauthorised ₹7.30 lakh loan taken in the name of a woman entrepreneur's company.
According to police, a complaint was received from N Singh, a Burari resident and proprietor of Medinex Hurbo Care, who alleged that her identity and company documents had been misused to obtain a business loan without her knowledge or consent. Police said the complainant was informed in July 2025 that a ₹7.30 lakh loan had been obtained in her company's name in December 2023 and credited to a Kotak Mahindra Bank account. She later discovered the loan while applying for an education loan for her daughter in January 2026, when she found that the unauthorised loan had affected her CIBIL score.
The complainant alleged that her PAN, GST details, signature and other documents were fraudulently used to secure the loan from Lendingkart Finance Ltd. and that a bank account had also been opened in her name without her knowledge.
Police Investigation and Arrests
Following registration of the case, a dedicated team was formed to identify those involved and trace the movement of the allegedly cheated money. Police said the investigation involved analysis of call detail records, IMEI details, IP logs and bank transactions, besides surveillance of around 100 suspected mobile numbers and associated IMEIs. The analysis led investigators to suspects in Sonipat, Haryana, and Dwarka, Delhi.
According to police, the ₹7.30 lakh loan amount was credited to a Kotak Mahindra Bank account in the complainant's name, from which ₹1 lakh was subsequently transferred in two transactions of ₹50,000 each to accounts held by Sahil. Police said IP logs linked the email used during the loan application process to Sahil, while call detail records showed regular communication between the accused and the complainant.
Main Accused Arrested
Acting on the findings, the police team conducted a raid in village Nahra, Sonipat, and apprehended Sahil, 36. Police alleged that he had submitted the fraudulent loan application using forged documents and a mobile phone belonging to the complainant. According to the police, Sahil retained the SIM card linked to the bank account and allegedly received around 30 per cent of the sanctioned loan amount as commission.
Police said preliminary investigation has also indicated his alleged involvement in obtaining five to six loans through Lendingkart and facilitating around 50-60 loans through instant loan applications. These details are being independently verified as part of the ongoing investigation.
Another accused, Neetu Singh, 34, was located during a raid in Kailash Puri, Dwarka, on September 19, 2026, and was bound down in the case, police said.
Evidence Recovered
During the investigation, police recovered two mobile phones and three SIM cards. WhatsApp chats related to wallets and financial transactions were also found on the recovered devices. The digital evidence is being examined to establish further linkages and trace the complete financial trail.
Modus Operandi of the Racket
Police said the accused allegedly operated Telegram groups through which loan assistance was offered to prospective applicants. Personal and financial information, including bank account details, Aadhaar documents, photographs and, in some cases, SIM cards linked to bank accounts, were allegedly collected from loan seekers. The accused allegedly retained control of the SIM cards to restrict independent transactions by account holders and charged around 30 per cent of the sanctioned loan amount as commission, police said.
Forging Documents for Loan Applications
According to the investigation, genuine identity and business documents were allegedly sourced from open platforms or documents earlier shared by loan seekers. These were allegedly altered using editing tools to prepare matching PAN cards, GST certificates and Udyam Registration certificates. Police said the forged documents were then allegedly used to submit loan applications through the Lendingkart Finance Ltd. mobile application, with application-related OTPs being received on a number under the accused's control.
After physical verification and other safeguards were strengthened in the lending process, the accused allegedly shifted towards instant loan applications. Police said some of the applications were allegedly linked to entities based in China, while applicants were asked to obtain new SIM cards specifically for the loan process. For higher loan amounts, the accused allegedly fabricated salary slips, identity cards and other supporting documents. After allegedly receiving his commission, he would discontinue or dispose of the SIM cards used in the process, police said.
Scale of Fraud and Further Investigation
The investigation has also detected cumulative debit and credit transactions exceeding ₹5.3 crore in linked bank accounts. Police said six cyber-fraud complaints registered in different states have been linked to the accounts under investigation.
The police are now examining the recovered digital devices, loan documents and banking records to identify additional victims, cases and persons allegedly connected with the network. Further investigation is underway. (ANI)
(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)