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Thursday, June 20, 2024
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Vakola Police Arrested Two Businessman For Allegedly Cheating Unsettled Loan Vehicle

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Vakola police arrested two persons for allegedly cheating a 27-year-old Mumbai businessman dealing in heavy-duty construction and demolition machines and vehicles.
According to the police two businessmen in December on charges of duping the businessman of Rs 77 lakh by selling him a construction vehicle. The vehicle was subsequently seized by bank authorities in Maharashtra, prompting the victim,  Sethi realised that he had been cheated.
In July last year Sethi struck a deal with Ranisal Metals Private Limited’s Pankaj Singh. Later, Sethi was informed by mediator Anuj Mishra about another construction vehicle up for sale by the Patna, Bihar based Ranisal Metals Pvt Ltd. He purchased this vehicle for Rs 77 lakh against full payment.
Police source said that Sethi transferred the payment to Singh’s firm for the purchase. Singh provided an invoice claiming no outstanding debts against the vehicle, intended for construction and demolition purposes.
However, while en route to Sethi’s warehouse on the outskirts of Mumbai, the vehicle was seized by the bank’s recovery team at the Khalapur toll plaza.  After waiting for some weeks, Sethi eventually approached the police and lodged an FIR.
The Vakola Police registered a case against Pankaj Singh, Subir Kumar Sahu, and others under the Indian Penal Code sections 34 (common intention), 120 (B) (criminal conspiracy), 406 (breach of trust) and 420 (cheating and dishonesty)  last December. Following investigations, the Mumbai police arrested the suspects last month in their hometown. Subsequently, the duo sought bail at the Bandra court , in Mumbai and were recently granted conditional bail on a surety of Rs 25,000 each. The court mandated them to settle the outstanding amount owed to the finance company and obtain a No Objection Certificate (NOC) within 10 days. Also they need to be present every 1st and 4th Saturday at Vakola Police station until chargesheet is filed.
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