Hyderabad: The Uppal police on Wednesday arrested two persons for selling four-wheelers illegally that they had taken on rent from people. The sales were made without the consent of the owners to different financiers, the police said.
According to police, Bollu Rajesh and Banoth Narender alias Nagendra had taken around 13 vehicles on rent and mortgaged them for Rs 30 lakh to private financiers. After the rent period was over, the owners started to contact the duo but did not get any response, so they lodged a complaint with the police. Police initiated a probe into the matter.
A probe revealed that the accused persons cheated more than 15 vehicle owners. After taking them on rent, they mortgaged them to financiers. Vehicles worth Rs 2.50 crore were seized.
Explaining the modus operandi, police said after collecting vehicles and promising Rs 6,000 per month as rent to people, the duo mortgage them to financiers by issuing promissory notes and blank cheques as documentary security, police said adding that the accused damaged the GPS tracking devices installed in vehicles to prevent the vehicle owners vehicles from tracking them.
