In a major breakthrough, the Commissionerate Police on Saturday busted a gang reportedly involved in procuring loans by preparing fake property documents in Cuttack.
The gang had reportedly carried out a major scam under the jurisdiction of the Lalbag Police station in the Silver City. So far, three members of the gang, including the mastermind, have been arrested, informed police sources.
As per reports, the gang used to prepare forged property documents of lands and without the knowledge of the actual owner/s, mortgage the documents in banks. They were successful in obtaining huge loans against the mortgaged property several occasions.
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Recently, the gang adopted the same method and managed to get a loan of Rs 60 lakh from a bank under Lalbag Police limits in the city.
"So far, we have arrested three persons in connection with the case. One Bapi alias Satya Shankar Satpathy is the mastermind behind the fraud. Khetra Mohan Tripathy from Niali and Raju alias Raj Kishore Swain are two of his associates who have also been arrested along with Bapi," informed Cuttack DCP Pratik Singh.
Further investigation into the case is underway to trace the other members of the gang. Besides, the police probe is on to ascertain other such scams carried out by the gang, he said.