The Pimpri Chinchwad Police’s Economic Offences Wing (EOW) recently arrested two individuals, Sandip Kumar (44) and Seema Mittal (36), from Noida, Uttar Pradesh, for allegedly defrauding 732 people of a total of Rs 7 crore in a fraudulent investment scheme. The accused had established a company that promised investors lucrative returns through a scheme involving the rental of three-wheeler commercial vehicles.
According to police reports, the scheme involved offering investors the opportunity to rent out a three-wheeler vehicle, which would supposedly earn them Rs 31,000 per month. To participate, investors were required to pay Rs 4.20 lakh, which the company claimed would cover the cost of vehicle maintenance and driver salaries.
One of the defrauded investors shared their experience, explaining how they were promised high returns and additional rewards, such as gold and silver coins. “They showed me a three-wheeler vehicle and assured me it would be mine,” the investor said. “They completed the loan formalities on my behalf and obtained a loan of Rs 3.66 lakh in my name.”
However, things took a turn for the worse when, in November last year, the investor received only Rs 12,000 instead of the promised Rs 31,000. Upon contacting company officials, they were told that the company’s policy had changed, but the promised payments never materialized. The company later shut down its offices and absconded with the investors’ money.
Police investigations revealed that the accused had shut down their operations and fled Maharashtra, leaving the investors in financial distress. A thorough probe led to the arrests of Kumar and Mittal in Noida. They are currently in police custody.
The fraud, estimated to be worth about Rs 7 crore, affected investors from several cities. The police also discovered that the company had kept the vehicles promised to investors in a godown in Thergaon. With the court’s permission, 37 vehicles have already been returned to the investors, and the process of returning an additional 24 vehicles is ongoing.
