Deccan Chronicle

Hyderabad: Kingpin, gang held in car Ponzi' scam

Deccan Chronicle| Naveen Kumar

Published on: May 18, 2018 | Updated on: May 18, 2018

The kingpin, Akash Goud, a B.Tech graduate from Medak, had escaped to Bangkok after the scam.

(Representational Image)

(Representational Image)

Hyderabad: In a major success, West Zone police arrested the kingpin and a gang that had cheated several persons of about Rs 58 crore on the pretext of selling them high-end cars at discounted prices.

The kingpin, Akash Goud, a B.Tech graduate from Medak, had escaped to Bangkok after the scam. 

He had conned some persons in the business, film and political circles by promising them high end cars at a 30 per cent discount.

West Zone DCP A.R. Srinivas said Goud delivered a few cars only to build his reputation as someone who could secure the discounts.

Explaining his method of cheating, the official said brokers spread the word that Goud was providing the cars at a discount.

Following this, Goud would contact the targets. He would make them call those to whom he had provided cars with the 30 per cent discount.

He would then persuade the targets to transfer money to his bank accounts. He never provided the cars, making it an elaborate ponzi scheme using high-end cars.

The West Zone Task Force which started investigating the case found that an MP’s son had given Goud Rs 1 crore and was cheated. 

Many complainants were emerging now, demanding their money back, said a police source. Mr Srinivas said Goud had has delivered 60 vehicles so far, and bookings were done for around 200 more. 

He promised an SUV like a Fortuner for Rs 25 lakh, and hefty discounts on a Rs 2.5-crore Porsche.  Police said he kept the car documents with himself and used those to apply for bank loans.

According to sources, four men were arrested and Goud was brought in for questioning from Bangkok. All the names coming out in the investigation will be pulled in for questioning.

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