Ludhiana businessman caught with seven PAN cards, all legal

We all know that black money is a serious national and political issue, and measures are being taken to crib these issues. However, even with all the precautions, these crimes are on a rise.

In a recent case, income tax officials in Ludhiana have caught a businessman with seven PAN cards, and surprisingly, all of them were acquired legally. His identity has been withheld as of now.

To get hold of these PAN cards, he just tweaked his name a bit and used fake residence proofs, albeit a genuine photograph.

Using these PAN cards, he took loans from several banks and never returned the amount, duping them of almost 15 crores. To do so, he used fake registry papers of properties, none of them actually existed in real, but one.

Even though this businessman only conducted financial fraud, security experts say that the matter should be investigated to see if there are more such multiple PAN card holders, which can lead to huge financial scams.

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