UP STF busts bank loan scam: Gaurav Dua gang arrested

UP Police’s STF arrested mastermind Gaurav Dua and associate for forging documents to sanction crores in loans from major banks. Raids recovered fake IDs, seals, and financial documents. Case filed under IPC sections 406, 467, 468, 471. Probe reveals pan-India fraud network.

Lucknow: The Special Task Force (STF) of Uttar Pradesh Police has busted a major bank loan scam and arrested two accused in Ghaziabad. The main accused, Gaurav Dua, and his partner, Devesh Baisoya, ran an organized gang that used to usurp loans worth crores of rupees from banks through fake documents.

How was the arrest made?

On the night of August 5, the Noida team of STF received information from an informer that the mastermind of the scam, Gaurav Dua, was present in the Kaushambi area of Ghaziabad. The police raided near Yashoda Hospital and nabbed both the accused.

What was recovered?

- Rs 5.10 lakh in cash

- Fake ID cards of 63 companies

- 30 bank checkbooks, 39 debit/credit cards

- 8 mobiles, 3 laptops, 7 pen drives

- 2 fake seals and 1 Creta car

Method of fraud

Gaurav Dua said during interrogation that he has passed B.Com from Delhi University** and was earlier a data analyst in companies. In 2020, he met Avinash Ranjan (a DSA agent), who taught him the trick of taking loans by creating fake profiles.

Modus operandi

1. Fake employee profiles were created (in the name of companies like Nexus and Innovasource).

2. The civil score was improved by showing fake salary transfers on these profiles.

3. The money was swindled by getting loans sanctioned from banks like IDFC, ICICI, and HDFC.

Legal action

A case has been registered against the accused under IPC sections 406 (criminal breach of trust), 467 (forged documents), 468 (forgery to cheat), and 471 (use of forged documents).

Implications

This case highlights the vulnerabilities of the banking system. The STF says that this gang was active in many states, and the search for other members is still on. Banks and financial institutions will have to make KYC and document verification more strict before giving loans so that such scams can be stopped.

"This case proves how criminals who misuse technical knowledge cheat the system." — UP STF spokesperson