Man Dupes Finance Company Of Rs 2.18 Crore And Buys 5 Mercedes Cars, Arrested After Three Years

Scamming and cheating in today's world is common. But the consequences of this can definitely land you in jail.

This is what happened to a person who allegedly cheated a vehicle finance firm of ? 2.18 crore. He was then arrested three years after he went into hiding, police said on Wednesday.

Following a complaint by the finance company in 2018, a case was registered against the accused Pramod Singh, a resident of Gurgaon. According to the police, Singh initially borrowed ? 27.5 lakh from the firm to purchase a Mercedes Benz car and paid the initial instalments. After gaining the financer's trust, he took four more loans and continued to pay the instalments for some time, only to abruptly stop them later.

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According to the complaint filed by the financial company, the accused owes the firm ? 2,18,34,853. Police said some officials in the transport department were hand in gloves with Singh.

According to Chhaya Sharma, Joint Commissioner of Police (Economic Offences Wing) said, the accused was missing for the last three years and non-bailable warrants were issued against him. He was arrested by Gurgaon recently after a long chase and surveillance.

"It is also alleged that the accused removed the name of the complainant company as financier from registration certificates of the vehicles by forging the documents despite the vehicles being hypothecated and financed by the complainant company," she said.

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The police officer also went ahead and said Singh purchased five Mercedes cars over three years and all of them were financed by the same firm. She said some officials in the transport department got the hypothecated status of the vehicles deleted from the records after which he could fraudulently sell the cars to second-hand car dealers.

According to the reports, the accused was running a business of providing transportation services to call centres in Gurgaon and hence owned a fleet of luxury cars. However, he suffered losses as several call centres were shut down and hence forged the vehicle documents in order to recover his money.

Pexels/ Sourav Singh

The practice of hypothecation of pledging an asset (which is cars in this particular case) to the financer while applying for a loan. The financer keeps the asset as collateral until the dues are cleared. Such vehicles cannot be sold without a No Objection Certificate from the lender.

Well, you always cant get away with the crimes you commit every time, right?

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