3 booked for cheating transporter by promising to sell 117 buses worth ₹23 crore

A Borivali transport firm filed a complaint against three for cheating them of 117 buses worth ₹23.25 crore. The case will be handled by the Economic Offences Wing.

MUMBAI: A Borivali-based transport company has registered a complaint against three persons for allegedly cheating the company of 117 buses worth ₹23.25 crore. According to the police, the transport company, which has around 600 buses under them, had taken most buses on loan and had rented them to Vasai-Virar Municipal Corporation, Maharashtra State Road Transport Corporation (MSRTC) and private companies.

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However, during the COVID-19 pandemic, the buses were not running, and the loans started piling up. So, the company decided to sell some of the buses to clear the loan. The accused took advantage of the complainant’s situation and promised to sell his 117 buses but took them and didn’t pay the complainant or his banks.

The accused have been identified as Vaibhav Sharma, Sunil Thadani and Jeetendra Thadani.

The complainant, Manohar Sakpal, 58, a Borivali East resident, owns Bhagirathi Travels and even started a company Bhagirathi Trans Corps Private Limited. “He purchases buses and rents them to various authorities for rent. He similarly rented buses to Vasai Virar Municipal Corporation, MSRTC for Shivshahi services and various private companies,” said a police officer.

“Sakpal decided to sell 246 buses and pay the EMIs in April 2021. In April 2022, Vaibhav approached him and told him he would help him sell the buses and they could keep the profits 50-50%. Later, Sharma introduced Sakpal to Sunil and Jeetendra, both Mahim-based and partners in his companies,” said the police officer.

In April 2022, there was an agreement signed between the parties and it was decided that they would settle the finance bank in a one-time settlement, then Sakpal would give him the RC book and original documents and sign forms of RTO 28 and 30 relating to vehicle transfer then only he should sell the vehicles and they will share the profits equally. Sharma’s company will pay parking and other RTO charges.

Till June 2023, in this way, he transferred around 117 buses to the Shilphata area in Thane. “The alleged accused settled some bank loans and sold the buses; however, they could not settle loans for 117 buses and loans kept on increasing. When the complainant went to see the buses, he could not find them at Shilphata where Sharma and the other two directors had kept it. Nor did they tell him where they have kept it and thus without NOC from the banks have transferred or sold them to other parties,” said a police officer.

The Dahisar police said the case will be transferred to the Economic Offences Wing (EOW) and have booked the accused for 409 (criminal breach of trust by a public servant, or by banker, merchant, or agent), 420 (cheating) and 34 (common intention) of the Indian Penal Code.