A car loan collection racket has broken out in Thane. Here’s why you need to be careful

The defendants allegedly posed as debt collectors and approached those who failed to repay their loans.

By HT automatic office
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Updated:
01 March 2022, 13:00

File photo used for representational purposes.

Eight people were recently arrested by cops in Thane, Maharashtra, on charges of deceiving car buyers who failed to repay their car loan. According to a PTI report, the defendants extorted money from defaulting debtors by posing as debt collectors.

It is reported that the accused managed to access a list of defaulting auto loans and then approach them with fake IDs, posing as debt collectors with fake documents to add even more credibility to the case. the sinister masquerade.

If a defaulting debtor was unable to pay the amount demanded, the defendants used to seize their vehicles.

The PTI report, citing police officials, cites a case where a person was asked to pay 25,000 and when he couldn’t his autorickshaw was seized.

In total, no less than 11 motorcycles, two autorickshaws, 10 cell phones and a laptop computer were seized from the accused. The total value of all these items is said to be approximately 4.80 lakh.

The whole incident once again shows the need to be vigilant with all loan and loan repayment processes to avoid being cheated. Although paying EMIs on time is a solid financial habit, in the event of a rare default, it is advisable to go in person to a bank branch to pay the amount with penalty or at least discuss a possible alternative solution. In the case of recovery agents, many security experts suggest double-checking their credentials before revealing personal or financial details.

Date of first publication: March 01, 2022, 1:00 PM IST

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