Reference : Ndtv
Police said on Wednesday that a 42-year-old man was nabbed three years after he went into hiding for allegedly defrauding a vehicle finance firm of Rs. 2.18 crore.
According to them, a case was filed against the accused Pramod Singh, a Gurgaon resident, in 2018 after the finance company filed a complaint.
According to the police, Singh took out a loan from the company for $27.5 lakh to buy a Mercedes Benz automobile and paid the initial instalments. He took four additional loans after winning the financer's trust and continued to pay the instalments for a while, only to abruptly cease them later.
Some officers in the transportation department, according to police, were working for hand in glove with Singh.
Singh owes the firm $218,34,853, according to the complainant.
He had been gone for three years, and he was wanted on non-bailable warrants. He was recently apprehended in Gurgaon following a lengthy chase and surveillance, according to Chhaya Sharma, Joint Commissioner of Police (Economic Offenses Wing).
"It is further alleged that the accused, despite the automobiles being hypothecated and financed by the complainant company, erased the name of the complainant company as financier from registration certificates of the vehicles by faking the documents," she said.
Singh bought five Mercedes cars in three years, according to the officer, all of which were funded by the same company. She said that some transport department officials had the hypothecated status of the vehicles removed from the records, allowing him to sell the automobiles to second-hand car dealers fraudulently.
When asking for a loan, hypothecation is the process of promising an asset - in this case, cars - to the lender. Until the debts are paid off, the financer maintains the asset as collateral. Without a lender's No Objection Certificate, such vehicles cannot be sold.
According to police, Singh owned a fleet of luxury automobiles and managed a business providing transportation services to contact centres in Gurgaon. However, he experienced losses as a result of the closure of multiple contact centres, so he faked the car documentation to recoup his losses.