PINAKI MAJUMDAR
Jamshedpur, May 2: In a breakthrough in a high-profile personal loan fraud case, police have arrested the alleged mastermind, Vikash Kumar Jha (48), who had been absconding for nearly seven years.
He was apprehended from the Namkum area of Ranchi, giving fresh momentum to a long-pending investigation.
According to police officials, Jha was named as an accused in the Parsudih Police Station Case No. 82/19 and had managed to evade arrest by frequently changing his location.
Acting on a tip-off, a police team carried out a targeted operation and arrested him from Namkum Bazaar Chowk on Thursday. He was later brought to Jamshedpur, where legal formalities were completed, after which he was sent to judicial custody on Friday.
Modus Operandi of Fraud
The case relates to a large-scale fraud in which unsuspecting individuals were lured with promises of low-interest personal loans.
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The accused allegedly made victims sign documents under the pretext of loan processing. These documents were later used to finance vehicles in their names, which were then sold off, causing financial losses worth lakhs of rupees.
Earlier Arrests and Fresh Probe
Police had earlier busted the racket and arrested five key members around seven years ago. However, Jha had remained absconding, making his arrest a crucial development in the case.
Officials said that with the arrest of the alleged mastermind, the sequence of events in the fraud has now largely been established.
Authorities have also started a fresh review of financial transactions and are working to identify more victims who may have been defrauded by the network.