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How fraudsters use fake car logbooks to access bank loans
Second hand cars at Mombasa port after being offloaded from a cargo ship. The NTSA, which registers motor vehicles, said forgery of registration documents was on the rise and had reached alarming levels. PHOTO | FILE
A syndicate of fraudsters is using fake car registration documents to access loans from financial institutions, exposing the lenders to loss of funds and leaving the genuine car owners exposed to legal action by the banks.
Investigations by the Business Daily show that the banks — driven by stiff competition in the lending market — have partly helped the criminals’ cause by disbursing money before due diligence is done and authenticity of documents is confirmed.
