Greater Noida ₹100-Crore Home Loan Scam: Builder – Bank Nexus Exposed, Eight Arrested

Greater Noida: Builder–Bank Collusion Leads to ₹100-Crore Loan Fraud; STF Arrests Eight Accused

Greater Noida: The Noida Special Task Force (STF) has dismantled a sophisticated interstate fraud racket accused of siphoning off more than ₹100 crore through fake home loans linked to fictitious builder projects. Eight individuals, including the gang leader Ramkumar, have been arrested.

Officials revealed that the group included trained banking and finance professionals, company secretaries, MBA holders and LLB graduates who colluded with builders and bank staff to execute the scam.

The case surfaced after senior officials at HDFC Bank flagged suspicious loan approvals on fabricated profiles, prompting STF action near Surajpur police station.

Fraud Method: Fake Identities, Forged Documents and Non-Existent Flats

According to investigators, the gang began by gathering personal details of individuals and creating counterfeit Aadhaar and PAN cards.

Using these forged identities, they submitted applications to banks, pairing them with fabricated builder profiles across multiple states.

Loans were sanctioned for properties that never existed, including fake flats and non-operational builder projects.

Once the funds were disbursed, the accused ensured the money was withdrawn or rerouted immediately, effectively vanishing from the system. The involvement of certain bank officials helped reduce scrutiny and speed up loan processing.

Eight Arrested; 126 Checkbooks and 170 Debit Cards Seized

The individuals arrested include:

• Ramkumar (gang leader), Indirapuram

• Anuj Yadav, Sahibabad

• Nitin Jain and Ashok alias Deepak, Delhi

• Mohammad Wasi, Jharkhand

• Shamshad Alam, Bihar

• Indrakumar Karmakar, Gurugram

• Tahir Hussain, Sambhal

STF recovered a massive cache of fraudulent materials, including:

• 126 checkbooks and passbooks

• 170 debit cards

• 45 Aadhaar cards

• 27 PAN cards

• 5 voter IDs

• 26 mobile phones

• 3 laptops

• 3 luxury cars

• Fake registry documents and agreement papers

Over 220 bank accounts linked to the gang have been frozen. All suspects have been remanded to judicial custody.

High-Profile Case: Loan Taken on Property of a Deceased Woman

One of the most alarming discoveries was a fake home loan of ₹4.8 crore sanctioned by registering a deceased Delhi resident’s property in the name of a woman identified as Shahida Ahmed. Officials say this indicates how deeply the network manipulated documents to push loans through without verification.

Highly Skilled Gang With Assigned Roles Across States

The gang leader Ramkumar holds an MBA, while Mohammad Wasi is a Company Secretary with an LLB, serving as Legal & Risk Manager at an exchange company.
Other members possessed strong banking and financial knowledge, which allowed them to prepare documentation, manipulate banking processes and arrange fraudulent buyers.

Investigators say the network operated across Noida, Lucknow, Varanasi, Haridwar, Chandigarh, Delhi and Gurugram. More than 20 shell companies were set up under fake names to withdraw and route illicit funds.

STF officials believe more arrests are likely as connections with builders and bank employees become clearer.

Fraud networks like this highlight the growing need for stronger financial oversight, internal controls and regular compliance checks within organizations. Accurate reporting and transparent processes help safeguard businesses from risks caused by forged documents or manipulated financial flows.

Many companies today depend on reliable auditing services in India to ensure financial accuracy, detect vulnerabilities and maintain regulatory integrity. Shunyatax Global continues to support enterprises in building resilient, compliant and well-governed financial systems.