Credit card racket busted, 3 held

Hyderabad, Aug 21:

 The Hyderabad City Crime Station Police recovered fake credit cards from a gang and arrested three persons, including an engineering student, here on Friday.

Police said the gang had duped banks to the tune of Rs one crore. The methodology of the gang was to avail credit cards from leading private banks by presenting fake documents. The Police have also recovered a laptop, LCD TVs and credit cards from the gang.

Speaking about this case, the Police said that a lot of loopholes exist in the credit card processing of leading private banks, as they outsource 75 per cent of the process to private parties. This makes the banks susceptible to thefts from officials or those private parties.

"We had asked the banks to ensure that they provide cards only to genuine customers after perusing applicant's profile in detail," he added. The arrested were produced before a city court which remanded them to judicial custody.