Police arrest Chhattisgarh siblings who floated car rental scheme, invited investments from more than 250 people and disappeared
Police arrest Chhattisgarh siblings who floated car rental scheme, invited investments from more than 250 people and disappeared
Two white-collar criminals floated an ISO 9001 company and managed to cheat over 250 people across the country--nearly half of the victims are from the city--before finally landing in the police net.
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The city police picked up the two from Nagpur on Sunday evening.The police said the two had confessed that they were forced to resort to the crime after their business venture incurred a loss.
The accused Rajeshkumar Shankarlal Sharma (32), a metallurgical engineer from a reputable college in Nagpur, and his brother Vikrant alias Vicky Sharma (26) floated a company called Transcity Travels Pvt Ltd.
The brothers lured people with a scheme in which the investors would make initial payments while the monthly instalments would be paid by the company; in return, the investors would get a fixed amount per month.
The Sharmas lured around 120 investors from the city, while the others from Bangalore and Hyderabad.
"As our initial plans were unsuccessful and the company incurred losses of Rs 7 to 8 crore, we had to do something else," Rajeshkumar told the police.
The police said the brothers would lure people into putting their money in a car rental scheme, telling them the cars would be leased to a third party.
Police Inspector Satish Govekar of the Anti-Organised Crime Cell (North Region) said, "The duo shut their shop in Camp after which the people who were cheated filed a complaint at the Lashkar police station. But the directors of the company remained absconding since last year."
A team from the Anti-Organised Crime Cell, including PSI Majid Shiekh, Nasir Patel, Abhay Deshpande and Balasaheb Jagtap, traced the brothers to Nagpur and arrested them.
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The Crime Branch has seized 12 cars from the accused and recovered four cell phones, besides some important documents.
| Transcity scam |
| >>Besiegedby a liquidity crunch, Transcity Travels Pvt Ltd in December 2008 stopped paying returns to its more than 250 investors, many of them serving and retired army officials and even some police officers. |
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