Two held for EV sales fraud

Two held for EV sales fraud

Bengaluru, Two men involved in the sale of electric vehicles in the city have been arrested for allegedly defrauding several people by offering two-wheelers at subsidised rates, claiming the benefit was under a central government scheme, police said on Saturday.

Two held for EV sales fraud

The accused have been identified as Hanumantha Bilkar and Rakesh, they said.

Police said an investigation was initiated after receiving two complaints against at the Peenya and Bagalagunte police stations last month.

According to police, the accused convinced people to buy electric two-wheelers by claiming that they were available at subsidised rates under a central government scheme.

"However, no such scheme exists. The accused allegedly arranged loans in the names of the buyers and had the loan amounts credited to their companies, as per the complaints," a senior police officer said.

Police said the accused got loans sanctioned for nearly double the price of the vehicles and told buyers they only needed to pay the last three to four EMIs, while the 'companies' would pay the remaining instalments.

Initially, the 'companies' paid the EMIs but later stopped doing so, after which banks and finance firms began demanding payments from the buyers, they said.

The officer said the accused sourced parts of electric two-wheelers from Delhi, assembled them in Bengaluru and sold the vehicles through their showrooms.

He added that loans were taken in the names of several people and the investigation is ongoing.

"While vehicles were delivered to many buyers, the companies allegedly stopped paying the EMIs as promised. An investigation is underway to ascertain how many more people were cheated through this fake scheme," he added.

This article was generated from an automated news agency feed without modifications to text.