They swipe away your money, not debts!
Duo Nabbed For Rs 3.5L Cash-In-Lieu-Of-Credit Card Fraud
TIMES NEWS NETWORK May20, 2009 P-3
Ahmedabad: Think twice before you plan to get your credit card encashed. The city crime branch has busted a credit racket and nabbed two youths. They were part of a racket that made Rs 8 lakh from credit card accounts of 15 persons across Gujarat, in just six months.
Acting on a tip-off, a police team led by crime branch inspectors KK Patel and Kiran Patel arrested Darshan Panchal, 25, a resident of Tulsishyam Flats, Bhimjipura in Nava Vadaj and Naitul Rathod, 22, a resident of Chandani Apartment, Sola Road from Panchal's home on Monday evening.
"Rathod worked for a Delhibased company that provided credit card swiping machines to various stores. He knew the nitty-grities of credit card business. The duo decided to make quick money in October 2008," said Patel.
He added that the gang used to place advertisements in vernacular newspapers offering cash in exchange for credit cards with 2 per cent commission. "Many people needed cash immediately from their credit limit and they fell victim to the duo," he added.
Usha Rada, assistant commissioner of police (crime), told TOI, "Accused usually approached potential victims at their residence once they were called up. The duo would hand over a bogus cheque in exchange for victim's credit card. They would then encash the credit card by using a swiping machine at Rathod's home."
The victim would realise he has been duped only when he went to a bank to encash the bogus cheque. The cheque would invariably bounce. "We are also probing role of the company that issues swiping machines. It is governed by stringent norms, but the accused seemed to have got the machines quite easily," said Patel.
Around 1,500 illegal swiping machines in city
Parth Shastri | TNN
Ahmedabad: It was not a mere fluke that the duo — Darashan Panchal and Naitul Rathod — cleaned off several credit card accounts. Even now, there are at least 1500 illegal credit card swiping machines in the city.
According to crime branch officials, the arrest is just the tip of an iceberg. "Such machine holders swipe credit cards and give cash to credit card holders in return for commission. The whole deal is illegal," said a senior crime branch. The officials said that the youths targeted debt-ridden credit card holders who prove easy prey.
"Owner of swiping machine gets 3.25 per cent of the transaction as commission and 0.75 per cent goes to swiping company. An additional 2 per cent commission is earned by the swiping machine operator for allowing an illegal transaction," the official added. For instance, if you ask for Rs 1 lakh against your credit limit over the counter, you have to pay 4 per cent legally and 2 per cent additional for the illegal transaction.
"In this case, Naitul used to earn around Rs 1,500 to Rs 2,500 every day. However, he got greedy and teamed up with Darshan to dupe more people. The machine they used for fraud was also acquired on fake documents. They forged documents, including PAN card and driving licences to open bank accounts and get SIM cards," said an official.
He added that in this case, youngsters belong to middle class and nursed ambitions to get rich quickly.. The youths were prudent enough to keep ill-gotten wealth in various bank accounts. Police is scrutinising bank accounts in which they had deposited the money under various names.
__._,_.___All wealth belongs to the Divine;and those who hold it are merely its trustees-Sri Aurobindo.
Supreme Happiness in life is the conviction that we are lovedMARKETPLACE![Yahoo! Groups]()
Change settings via the Web (Yahoo! ID required)
Change settings via email: Switch delivery to Daily Digest | Switch format to Traditional
Visit Your Group | Yahoo! Groups Terms of Use | Unsubscribe.![]()
__,_._,___
Memories of Another day
While my Parents Pulin babu and Basanti devi were living
Friday, May 22, 2009
Re: [India-Force] They swipe away your money, not debts!
On Thu, May 21, 2009 at 1:26 AM, Ravinder Singh <progressindia008@yahoo.com> wrote:
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment