At least 1,375 investors were duped of Rs 20 crore, with the arrest of two persons and recover of 246 vehicles, a police official said on Friday, adding that further investigations were underway
The 'scam' unravelled after the MBVV police registered a case on April 20 and launched a probe, an official said. Representational Pic/File
Over 1,300 investors were duped in a car rental 'scam' in Thane district of Maharashtra, the police said on Friday, adding that the police have so far recovered around 246 vehicles.
According to the PTI, the police busted a car rental racket, through which at least 1,375 investors were duped of Rs 20 crore, with the arrest of two persons, an official said on Friday.
The Mira-Bhayandar Vasai-Virar (MBVV) police have also recovered 246 vehicles belonging to investors in multiple states that were being used by the fraudsters, Commissioner Madhukar Pandey told reporters, as per the PTI.
The 'scam' unravelled after the MBVV police registered a case on April 20 and launched a probe, he said.
Madhukar Pandey said that the prime accused, Sandeep Suresh Kandalkar, alias Raju Rajiv Joshi, allegedly persuaded investors to purchase pickup tempos and four-wheelers and promised to pay monthly returns of Rs 55,000 to Rs 75,000 if they allowed them to use the vehicles for rental purposes, according to the PTI.
The suspects told the investors that the vehicles bought in their names would be deployed at airports and the Jawaharlal Nehru Port Trust (JNPT) for commercial use, Pandey said.
"The agreements were executed on Rs 100 stamp papers, and the payments were collected online. Initially, Kandalkar made the promised payments, but later defaulted, leading to the exposure of the scam," said the top police officials said.
Kandalkar, a native of Pisai village near Dapoli in Ratnagiri district, was arrested on April 25, a day after his accomplice, Sachin Sunil Tetgure, also from Dapoli, was taken into custody, the official said. At least seven more persons are part of this racket, he said, as per the PTI.
So far, 246 vehicles, valued at approximately Rs 25 crore, have been recovered, said Madhukar Pandey.
Kandalkar and his associates have cheated 1,375 investors of about Rs 20 crore after luring them with high returns through the scheme, he said.
Another official said that since the vehicles were deployed at specific locations like the airport and JNPT, it was easier for the police to recover so many of them in a short span.
"The main accused has a criminal history, with 13 cheating and misappropriation cases registered against him across Mumbai, Navi Mumbai, Pune, Nashik, and Bharuch in Gujarat. Provisions related to organised crime have also been added in this case," Madhukar Pandey said, the news agency reported.
Efforts are being made to apprehend the other accused, he added.
(with PTI inputs)
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