High-end Cars Including BMW, Mercedes, Land Rover Seized as Probe Widens
The Enforcement Directorate (ED) has raided 12 locations in Pune in connection with a large SBI car-loan fraud case. The searches were carried out on November 25 and 26.
During the raids, officials seized several luxury cars, including BMW, Mercedes, Volvo and Land Rover models.
How The Fraud Worked
According to the ED, a group of borrowers, a former SBI manager and some auto-loan agents worked together to take bank loans using fake papers.
They allegedly:
- Used forged car quotations
- Inflated vehicle values
- Submitted false income details
- Helped each other get high-value loans approved
This allowed them to buy expensive cars using fraudulent documents.
Who Is Under Investigation
A former SBI manager from the University Road branch is among those being investigated.
He is accused of approving loans without proper checks between 2017 and 2019.
The ED believes he worked with:
- An auto-loan counsellor
- Car dealers
- Multiple borrowers
What ED Found
During the searches, the ED recovered:
- High-end cars bought through fake loans
- Fake quotations and forged approval documents
- Property papers
- Financial records linked to the money trail
The vehicles have been seized under the Prevention of Money Laundering Act (PMLA).
Next Steps
The ED will now examine all seized papers and digital records.
More people may be called for questioning as the agency tracks how much money was made through the fraud.
The case was originally registered by the CBI and Pune Police. The ED joined the investigation to look into suspected money laundering.
