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Vehicle Loan Company Defrauded by AI-Aided Scam: Three Arrested in Delhi

TL;DR

  • Delhi Police bust AI-assisted fraud ring duping vehicle loan company with forged documents.
  • AI-powered deception: Scammers use morphed videos to secure loans for 35-40 vehicles.
  • Collusion suspected: Investigation ongoing to uncover loan company employee involvement.

In a startling case of financial fraud, a group of individuals in Delhi has been apprehended by the police for duping a private vehicle loan company through artificial intelligence (AI) software. The three accused, identified as Ankit from Rohtak, Nisar from Delhi’s Seelampur, and Manoj from Delhi’s Gulabi Bagh, allegedly obtained loans for approximately 35-40 cars and two-wheelers and subsequently sold them to unsuspecting clients. This sophisticated scheme involved forging documents and evading video verification calls using AI tools, leading to significant losses for the loan company.

AI-assisted forgery operation unearthed

A Mumbai-based tech startup, with offices in Delhi-NCR, reported the fraudulent activities to the Delhi Police. According to the complaint, a group of scammers had managed to secure financing for 35 vehicles between February and May 2023. The loans were obtained through the submission of fake IDs, manipulated photographs, and impersonation during virtual verification via video calls. Consequently, the police initiated a preliminary inquiry and registered a case against the accused under sections related to impersonation, cheating, and forgery.

The perpetrators employed various tactics to deceive the loan company. Notably, since the company incorporated video call verification as a security measure, the accused resorted to using morphed videos and other AI software to trick the system successfully. This allowed them to acquire 35-40 vehicles within just six months.

Perpetrators’ strategy and partnership

The intricate operation began with Ankit financing Sameer’s plan, leading to the procurement of vehicles, including Royal Enfield bikes and cars, under fabricated identities. Subsequently, the vehicles were sold to Nisar at a profit. During the investigation, it was discovered that the accused received the vehicles from multiple dealers who were in collaboration with the loan company. Suspicion arose when investigators noticed recurring phone numbers in calls between dealers and customers. Upon further examination, it was revealed that these numbers belonged to Ankit and another individual, Harsh. The duo had acquired multiple false identities to execute their fraudulent scheme successfully.

Forgery and deception

The accused relied on forged and counterfeit documents, including Aadhaar and PAN cards, to secure vehicle financing. To end their criminal activities, several raids were conducted, ultimately leading to the arrest of Ankit, who was apprehended in his village near Sonipat, Haryana. Investigators found that Ankit had pursued a master’s degree in English Honours from Rohtak but had turned to a life of crime in pursuit of quick money.

The fraudulent activities had been ongoing since the conclusion of the Covid-19 pandemic. Initially, the accused began by disbursing loans to locals, seeking guidance from an individual named Sameer to understand the intricacies of the business. Later, they adopted a more nefarious approach by posing as clients and securing loans using falsified documents. Despite appearing legitimate, all the vehicles they purchased were acquired through fraudulent means and manipulated video calls. 

Collusion and further investigation

Authorities are now delving deeper into the possibility of collusion involving loan company employees. The investigation is also focused on uncovering the specific AI applications used by the accused to alter or manipulate their appearances during video calls. DCP Hemant Tiwari emphasized that all the arrested individuals had previous criminal records.

Recovery of assets

During the investigation, law enforcement recovered 13 vehicles and two mobile phones containing pertinent details related to the case from the arrested accused. The apprehension of these individuals has not only thwarted a sophisticated fraud operation but also exposed the vulnerabilities in the loan verification process.

The apprehension of Ankit, Nisar, and Manoj in Delhi sheds light on the increasing complexity of financial fraud schemes, aided by the use of advanced technology such as artificial intelligence. This case serves as a reminder of the importance of robust security measures and vigilant verification processes to prevent such fraudulent activities. As the investigation continues, authorities are determined to unravel any potential collusion and ensure that justice is served in this elaborate fraud case.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Glory Kaburu

Glory is an extremely knowledgeable journalist proficient with AI tools and research. She is passionate about AI and has authored several articles on the subject. She keeps herself abreast of the latest developments in Artificial Intelligence, Machine Learning, and Deep Learning and writes about them regularly.

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