Pramesh S Jain
The Annapoorneshwarinagar police have arrested a 44-year-old car dealer for allegedly cheating vehicle owners by taking loan-financed vehicles as collateral at low prices and later pledging or selling them to others for higher amounts.
Police have recovered 14 cars,one goods vehicles,two autorickshaws and six two-wheelers worth Rs.1.51 crore.
The accused has been identified as Guruprasad P.,44, son of Puttaswamyappa,a car dealer and resident of Ullal, Bengaluru.
Police said cases have previously been registered against him at Wilson Garden,Adugodi,Subramanyapura, Jnanabharathi and other police stations.
The case was registered following a complaint filed on August 13, 2026,by Ajay Kumar,29,a resident of NGIF Layout,Nagarabhavi.
According to the complaint,Ajay had purchased a new car through a loan and,due to financial difficulties, handed over the vehicle along with the relevant documents to the accused in July 2025,after being assured that the loan would be cleared.
However,the accused allegedly failed to repay the loan or return the vehicle. When Ajay asked him to return the car, he was allegedly threatened and the vehicle was not handed back.
Based on the complaint,the Annapoorneshwarinagar police registered a cheating case and began investigating.
As part of the probe, police arrested Guruprasad from his residence in Vishweshwaraiah Layout, Ullal,on August 30 and questioned him.
He allegedly confessed to carrying out the offence along with other associates.
The accused was produced before a court on August 31 and was taken into police custody for 12 days.
During interrogation, he allegedly disclosed that he had been taking several loan-financed vehicles as collateral at lower prices and subsequently pledging or selling the same vehicles to other persons for higher amounts.
Based on information provided by the accused,police traced the purchasers and recovered 14 cars,one goods vehicle,two autorickshaws and six two-wheelers between September 1 and 21.
The total value of the seized vehicles has been estimated at Rs.1.51 crore.
Police said efforts are continuing to trace the accused’s associates who are absconding and to identify other vehicle owners and purchasers who may have been affected.
The accused was later released on bail on September 10,according to the police.
