Two Bengaluru men arrested for swindling Rs 50 lakhs from banks

Two men, who used fake documents to get credit cards, were arrested by Cyber Crime police on Friday.

Published: 07th July 2017 05:07 PM  |   Last Updated: 07th July 2017 05:07 PM   |  A+A-

For representational purpose

By Express News Service

BENGALURU: Two men, who used fake documents to get credit cards, were arrested by Cyber Crime police on Friday. 

The arrested were identified as Neeran Jayapal (37) and Abubakar (39). Police said the accused cheated at least three banks. 

The men used fake voter IDs, driving licenses, offer letters of reputed companies to get PAN cards. Once they were issued PAN cards, they opened bank accounts by using it as the ID proof. Later, they submitted the fake documents and got the banks to issue them with credit cards.

The accused then used their credit cards for a few months during which they purchased goods and paid dues on time hoping that the banks would increase their credit limit.

Once the banks did so, they started buying gold ornaments, mobile phones and electronic goods. They would then sell the goods on Internet marketplaces such as OLX for a lesser cost. Banks would issue bills to fake addresses, and the credit would not be paid back. 

Police said the accused had swindled more than Rs 50 lakhs out of the banks through purchases made on illegally obtained credit cards. 

Police recovered gold ornaments, fake documents, laptop, printers and mobile phones estimated to be around Rs 25 lakhs after raiding the residences of the accused. 

During the investigation it was found out that they had also gone on a foreign trip with the money they earned by selling the goods on OLX.


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