Logistics firm director held for fleeing with 117 buses worth 23 cr

A director of a logistics firm has been arrested by the Economic Offences Wing (EOW) for allegedly cheating a tour and travel firm owner of ₹23 crore by fleeing with 117 of his buses. The police said the complainant had suffered losses during the pandemic and so had decided to sell some of the buses

MUMBAI: A director of a logistics firm has been arrested by the Economic Offences Wing (EOW) for allegedly cheating a tour and travel firm owner of ₹23 crore by fleeing with 117 of his buses. The police said the complainant had suffered losses during the pandemic and so he had decided to sell some of the buses to clear his debts.

Logistics firm director held for fleeing with 117 buses worth 23 cr

According to the EOW, the arrested accused is identified as Vaibhav Sharma, who hails from Kota in Rajasthan.

According to the police, the case was registered by Borivali-based Manohar Sakpal, 58, who is the owner of Bhagirathi Travels. The transport company, which has around 600 buses, had taken most of these on loan and had rented them to Vasai-Virar Municipal Corporation, Maharashtra State Road Transport Corporation (MSRTC) and private companies.

During the pandemic, the company decided to sell some of the buses to clear loans. The accused took advantage of the complainant’s situation and took 117 buses by promising to sell them but did not make any payment to the complainant or the banks.

Three people have been booked in the case - Vaibhav Sharma, Sunil Thadani and Jeetendra Thadani.

“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 share the profits. Later, Sharma introduced Sakpal to Sunil and Jeetendra from Mahim, both partners in his companies,” said a police officer.

In April 2022, an agreement was signed between the parties for selling the vehicles and sharing the profits equally, and around 117 buses were transferred 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. When the complainant went to see these buses, he could not find them at Shilphata, thus raising doubts that the buses could have been transferred or sold to other parties without getting NOC from banks,” said the police officer.

The accused have been booked under sections 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.