The police have so far recorded statements of 65 victims out of 100 for the case in which a company lured people to book cars from them and in return offered to pay them for sticking advertisements on their vehicles.
The police said the four accused, who were running Team Associates Pvt Ltd, have duped the victims of more than Rs 70 lakh.
The police arrested two people, Priya Basavraj and Venkat Rao, the CEO of the company, while Priya’s husband Sagar Basavraj and his brother managed to escape.
The police have launched a manhunt to trace the duo and suspect that Sagar is the mastermind behind the scam.
Meanwhile, the arrested two men has been remanded in police custody until January 14.
Explaining the modus operandi, the Kandivli police said the accused used to lure the victims to book cars from their company.
Once the victim was lured, he was asked to make a down payment of Rs 50,000.
The couple also promised the customer an income of Rs 6,000 per month to display advertisements on their vehicle, booked from their company, for at least five years.
LG Shinde, assistant police inspector of the Kandivli police station said, “We have more people, who have been conned by the couple, coming to us to file complaints every day. We are in the process of recording their statements.”
The police are also investigating if there are any other person is involved in the car dealership racket.