The Naupada police have arrested a loan recovery agent with a finance company and his accomplice for seizing vehicles from loan defaulters and selling them to third parties illegally. The police have recovered 17 two-wheelers from them.
Jay Prakash Tiwari, manager of Sai Point Finance, which provides loans for two-wheelers, filed a complaint with the police. Based on that, the police arrested Deepak Singh Rawat, a recovery agent with the company, and his associate Mohammad Sattar Khan for illegally selling the bikes between December 2018 and April 2019.
Senior police inspector C.J. Jadhav said Mr. Rawat and Mr. Khan would recover bikes from loan defaulters but instead of parking them in the company godown and sending a confirmation email to Mr. Tiwari, they would sell the bikes to unsuspecting buyers and pocket the money.
“The fraud came to light as the duo would show the bike’s registration certificate to the buyers and claim that the process of transferring the bikes to their names would take 15-20 days. A few customers suspected the sale might be fraudulent and approached Sai Point Finance,” Mr. Jadhav said.
The police have said the fraud caused a loss of ₹6.25 lakh to Sai Point Finance.