Six Held in Bengaluru for Massive Property Fraud

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Bengaluru, Karnataka – April 23, 2024 In a brazen display of forgery, six individuals have been arrested by Bengaluru police for mortgaging a single property to 22 different banks using fabricated documents.

The scam came to light after discrepancies were flagged by one of the banks during a routine verification process. Following an investigation, authorities discovered that the accused had created fake ownership documents and other essential papers to secure loans from multiple banks against the same property.

The exact value of the loans procured and the extent of the fraud are still being investigated. Police officials have confirmed that the property in question has been seized to prevent further transactions.

“This is a complex case of financial fraud, and we are working diligently to uncover the entire scope of the operation,” said Inspector General [Name of Inspector General], of the Bengaluru Police Department. “We are also investigating the role of any potential collaborators within the banking system who might have enabled this to happen.”

The arrested individuals are being charged with forgery, cheating, and criminal conspiracy. It is expected that more details about the case, including the modus operandi used by the accused, will be revealed in the coming days.

This incident has sent shockwaves through the banking sector, raising concerns about existing verification processes and the potential for exploitation by fraudsters. Banks are expected to tighten their loan approval procedures in the wake of this case.

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