Two held for cheating city businessman by selling him uncleared loan vehicle

Mumbai Police recently arrested two persons for allegedly cheating a 27-year-old Mumbai businessman dealing in heavy-duty construction and demolition machines and vehicles.

According to the FIR, two businessmen were last in December booked by the Vakola Police in Mumbai for allegedly defrauding the businessman of Rs 77 lakh after they sold a heavy-duty construction vehicle to him. The vehicle was later seized by bank officials in Maharahstra and it only then the businessman, Angad Sethi learnt that he had been cheated. 

In his police complaint, Angad Sethi had stated that his firm buys and sells construction machines and JCBs and he made business deal with one Pankaj Singh, in July last year. Sethi`s acquaintance, Anuj Mishra informed him that a company in Patna was selling a construction vehicle. He purchased this heavy-duty vehicle for Rs 77 lakh. Singh had provided the complainant with an another vehicles in September last year.

Sethi, told the police that he transferred the funds to Singh`s firm to purchase the vehicle from him. The latter provided an invoice indicating that there were no outstanding debts against the vehicle used for construction and demolition works, he told the police.

However, while the vehicle was on its way to Sethi`s warehouse in the outskirts of Mumbai, the recovery team of a bank seized the vehicle at the Khalapur toll plaza. 

Upon learning about the seizure, Sethi confronted Singh and others involved in the deal who informed him that the matter would be resolved in a day or two. After waiting for days Sethi approached the police and filed an FIR in the matter.

A case was lodged at Vakola Police Station in Mumbai was registered in December last year against Pankaj Singh, Subir Kumar Sahu and others under the Indian Penal Code sections 34 (common intention), 120 (B) (criminal conspiracy), 406 (breach of trust) and 420 (cheating and dishonesty).

The police last month arrested them after investigations. The duo later moved for bail at Bandra court and were recently granted conditional bail on a surety of Rs 25,000 each. The court asked them to clear all outstanding amount of the finance company and obtain the NOC within 10 days, the court stated.