2 proprietors of Nithya Motors in Dammaiguda held for running fake motorbike schemes
According to the police, the two had opened several multi-brand two-wheeler showrooms, including Sri Sai Nithya Traders (OPC Pvt. Ltd) at Dr. A.S Rao Nagar in 2019 and Nithya Motors in Dammaiguda in 2020.
By Newsmeter Network Published on 20 Nov 2021 10:49 AM GMT
Hyderabad: The Rachakonda police have arrested two persons who were running a money deposit racket and fake motorbike schemes. They had cheated around 300 people and collected Rs. 2 crore from them.
The two have been identified as Kankula Pallavi Reddy (32) of Medchal and Poloju Sanjay (34) of Jawahar Nagar.
On 11 November, the Jawahar Nagar police had registered a case under various sections of the Prize Chits and Money Circulation Schemes (Banned) Act 1978 and AP Protection of Depositors of Financial Establishments Act 1999 based on a complaint by Bulemoni Maheswari (24) of Malakajgiri in Medchal district.
According to the police, the two had opened several multi-brand two-wheeler showrooms, including Sri Sai Nithya Traders (OPC Pvt. Ltd) at Dr. A.S Rao Nagar in 2019 and Nithya Motors in Dammaiguda in 2020. They had other branches in Mansanpally crossroads, Maheshwaram, and Domadugu village.
Pallavi and Sanjay had started fake schemes to cheat people. Under the "reference bike scheme", the accused gave 40% discount on a two-wheeler if the customer paid 60% of the amount. When the customer paid 60% of the vehicle cost, the accused would pay 20% down payment and deliver the vehicle to the customer after getting finance from banks in the customer's name. Pallavi took the remaining amount and promised the customer that she would pay the total vehicle loan in 12 EMIs if the customer brought in four other customers.
Another scheme was called the "Waiting Period Scheme" where the accused offered a two-wheeler for 50% of the vehicle cost. Customers had to wait 100 working days for the vehicle to be delivered. Pallavi collected the money from customers but did not deliver the vehicles. Under the "Investment Scheme" customers were asked to invest money with the promise of double returns after 100 working days.
On 18 November, the police arrested Pallavi and Sanjay from their residences and seized a mobile phone, computers, documents from Nitya motors, Dammaiguda.
