Noida, Aug 21 (IANS): Noida Police on Sunday said that they have arrested a gang of six persons for allegedly deceiving people by promising loans through their finance firm.

The police have frozen several bank accounts of arrested accused, which have a total balance of Rs 14.6 lakh in them, officials said.

The accused were identified as Vipin, the mastermind, Himanshu Sharma, Pankaj, Avnish, Puneet Gautam, and Abhishek.

According to the police, the accused were operating their business under the name "Finance Hub Group" in the Sector 63 area. In pretext of providing loans, they were charging an amount ranging between Rs 25,500 to Rs 30,000 as "processing fees" from victims.

Officials further said that the accused even issued fake loan approval letters to victims in order to deceive them.

It was revealed that the mastermind, Vipin, was previously arrested by the Bihar Police.

The investigation further uncovered that the group frequently changed their office location within the NCR region to avoid police.

Police lodged an FIR against the accused under sections 420, 406, 467, 468, and 471 of the IPC, along with section 65 of the IT Act, in connection with the case.