Car rental scam: Woman held for duping 200 people of Rs 6.5cr
The woman, identified as 36-year-old Harvinder Kaur alias Vini Nagpal, and her business partner, Naresh Navle, 35, would lure people to invest money in their two companies that bought cars for tourist services.mumbai Updated: Aug 26, 2018 03:37 IST
Officers working with the city’s Economic Offences Wing (EOW) have arrested a woman who duped 200 people to invest ₹6.5 crore in her car-rental company, promising them high monthly returns.
The woman, identified as 36-year-old Harvinder Kaur alias Vini Nagpal, and her business partner, Naresh Navle, 35, would lure people to invest money in their two companies that bought cars for tourist services.
While Navle was arrested earlier this year, Kaur was found to have played a key role in the scam because she was the manager of SM Motors — the company they created to defraud investors.
Some investors who fell for the scam claimed Navle and Kaur were married but he presented her as a manager in his company.
Kaur has been charged under relevant sections of the Indian Penal Code, the Maharashtra Protection of Interests of Depositors (MPID) Act and the Prize Chits and Money Circulation Schemes Act.
The duo allegedly ran their scam from February 2015 to March 2017.
“The accused would tell investors that their money would be used to buy four-wheelers that would be used to serve commutes for Navy officials at Nhava Sheva. They promised monthly profits from ₹15,000 to ₹40,000,” said an EOW unit-7 officer .
“Initially they paid back investors for the first two months but later defaulted and went into hiding,” said another officer.
An EOW officer said Kaur’s bank accounts, after scrutiny, revealed fraudulent transactions to the tune of ₹1 crore.
First Published: Aug 26, 2018 03:37 IST