Two recovery agents cheat finance company in Thane, arrested

The Naupada police arrested two people on Wednesday for allegedly cheating a credit finance company in Panchpakhadi, where they worked as recovery agents.

The two allegedly recovered around 17 motorcycles from loan defaulters and sold them for around ₹ 6.25 lakh without the company knowing about the transactions.

The two accused are identified as Deepak Singh Rawat, 37, a resident of Malad in Mumbai, and Mohammed Asgar Sattar Khan, 28, a resident of Shanti Nagar in Bhiwandi.

Rawat was the recovery head of the finance company while Khan worked as a recovery agent under Rawat. They committed the crimes between December 2018 and April 2019, police said.

According to the finance company rules, recovery of bikes was supposed to be informed through an email, after which the bikes had to be stored at a godown in Kalher, Bhiwandi.

Later, the company would auction the motorbikes.

“While selling the motorbikes, they promised the customers that the registration paper would be given in a fortnight,” said Chandrakant Jadhav, senior inspector from Naupada police station.

When people who bought the bikes from the accused would demand a registration paper, the duo would keep postponing the date. “Some victims then approached the finance company directly and sought registration papers,” said Jadhav.

Jayprakash Tiwari, 48, the owner of the finance company, then scrutinised the papers and learnt about the fraud.

“He complained to us, after which a case was registered against the duo in April,” said Jadhav. Both Rawat and Khan left the job and were absconding.

“We arrested them after getting a tip-off. During interrogation, the accused confessed to the crime,” said Jadhav.

The police have recovered the 17 bikes from them. The accused have been booked for cheating and breach of trust under section 420 408 and 34 of the Indian Penal Code (IPC).