Several credit unions and banks were allegedly defrauded out atleast $200,000 through a purported scam in Michigan that involved inflated auto loans and forgedtitles.
According to the Combined Auto Theft Unit in Grand Rapids,Mich., three area men were arrested last week for allegedly erasinglienholder information on titles in order to take out multiplesloans on the same vehicle.
Local media outlets reported the suspects sought loans for vehicles that were no more than $2,500. However,loans were obtained for up to six times the value of the autos. In some cases, the loans were secured for nearly$14,000, according to police officials.
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