The Thane Crime Branch has busted a vehicle rental and mortgage racket, seizing 32 cars worth Rs 2.44 crore and arresting an Ulwe resident. The accused allegedly promised high rental returns to owners but fraudulently mortgaged the vehicles across Maharashtra
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A total of 32 cars worth Rs 2.44 crore were seized and one person has been arrested after a major vehicle rental and mortgage racket was busted by the Thane Crime Branch, a senior police official said on Monday. The probe into the case began after five vehicles were reported as stolen at the Wagle Estate police station, Deputy Commissioner of Police (Crime) Amarsingh Jadhav told reporters.
“Our probe zeroed in on Ulwe resident Sandeep Raghu Shetty, who would promise vehicle owners high returns in a rental scheme. He would take possession of the vehicles to rent them out. However, he would fraudulently mortgage these vehicles and pocket the money obtained on them,” the official said.
Racket spread over state
Shetty was held by the Crime Branch on February 6, and his interrogation revealed that the racket was spread all over Maharashtra, the DCP said. “We seized 32 cars worth Rs 2.44 crore from Navi Mumbai, Panvel, Pune, Kalyan, Lonavala, Chhatrapati Sambhajinagar and Parbhani. We believe there are more vehicles that have been mortgaged fraudulently to third parties after being taken on rent from victims. A detailed investigation is underway,” Jadhav informed.
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