Police here on Sunday arrested two persons, who allegedly bought luxury cars on loans procured using fake documents and then sold the financed vehicles on the documents of accidental cars.
The accused also used to buy stolen cars and sell them in the same manner. Police have recovered eight luxury cars worth R50lakh, but are yet to ascertain the stolen and financed ones.
To procure the registration documents, the accused used to buy irreparable accidental cars. Balongi resident Harwinder Singh Titu, 40, and Phase 9 resident Daljeet Singh Dogra, 45, were arrested by the crime investigation agency (CIA) and Balongi police on a tip-off.
SAS Nagar senior superintendent of police (SSP) Gurpreet Singh Bhullar said Harwinder was a proclaimed offender (PO) and Daljeet a realtor. The vehicles that have been recovered are: two Mahindra Scorpios, three Tata Manzas, a Mahindra Bolero, a Skoda Octavia and a Maruti Zen.
Bhullar said Balongi police were tipped off about the gang operating in the area. “After a preliminary investigation, a case was registered at Balongi police station on April 3,” Bhullar said.
Two more accused, Ram Darbar resident Gurpreet Singh and Zirakpur resident Vivek, are at large.
The accused have been produced before a duty magistrate and remanded in two-day police custody.
The SSP said the police were verifying the documents of the cars. “We will also question them about the banks from which they took the loans and then approach the banks.” Asked from where the cars recovered, the SSP said they had recovered the vehicles from different locations.