Hyderabad, Sept 5 (Hydnow): The Chandrayangutta police in the Southeast Zone of Hyderabad have arrested a fraudulent rent-a-car business owner who swindled car owners by mortgaging their vehicles without their knowledge. The police successfully recovered a total of 8 cars, valued at approximately Rs. 1.2 crore.
The accused, Mohammad Aslam Nawaz, 33, had been operating a car rental business in Sanathnagar since 2021. He would enter into car lease, rental, and hypothecation agreements with unsuspecting car owners, and then use the vehicles for his own business.
Nawaz’s modus operandi was to lease cars from owners for short periods, and then mortgage them to other parties without the owners’ knowledge. He would secure loans of Rs. 3 to 4 lakhs in this way, and use the money to lead a lavish lifestyle.
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On September 4, 2023, the Chandrayangutta police intercepted Nawaz while he was driving a Maruti-Vitara Breeza VDI with registration number TS22H6273. Acting on a tip-off, the police arrested Nawaz and recovered the eight cars that he had mortgaged.
The police have registered a case against Nawaz under Sections 420 (cheating) and 406 (criminal breach of trust) of the Indian Penal Code. He is currently in police custody.
The police are urging car owners to be careful when entering into car lease, rental, or hypothecation agreements. They should only deal with reputable companies and individuals, and they should always read the terms and conditions carefully before signing any documents.
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This case is a reminder of the importance of being vigilant when dealing with financial transactions. By taking precautions, you can help to protect yourself from becoming a victim of fraud. (Hydnow)
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