Yogesh K Porwar
Three people,including two employees of a Mahindra Finance-associated dealership, have been arrested for allegedly cheating (Mahindra)a Finance Services Limited of Rs.1.27 crore by using forged No Objection Certificates (NOCs) to transfer vehicles and secure fresh loans from other finance companies.
According to a press release issued by the Tumakuru District Police on Wednesday,the accused allegedly colluded with seven customers to fraudulently cancel the hypothecation of vehicles financed by Mahindra Finance by submitting fake NOCs at the Regional Transport Office (RTO).
After getting the vehicles’registration certificates (RCs) transferred to other persons’names,they allegedly obtained fresh loans against the same vehicles from Cholamandalam Finance and another finance company, referred to as“KhS Finance”in the police release,causing a loss of approximately Rs.1,27,90,000 to Mahindra Finance.
The case came to light after Dharmendra,a divisional manager with Mahindra & Mahindra Financial Services Limited,lodged a complaint alleging fraud involving the company.
The complaint named Venu Prasad,an area business manager,and Harish,a sales executive,who were working at the company’s office in Batwadi,Tumakuru,and were associated with Honnasiri Mahendra (H.D.Motors),a car showroom on Tumakuru Ring Road.
The Tilak Park police registered a case under Sections 316(4), 316(5), 318(4), 321, 335, 336(2), 336(3), 340(1) and 340(2) of the Bharatiya Nyaya Sanhita (BNS).
