Cash News
Rajkot: Jamnagar police have uncovered a racket involving the purchase of trucks on finance and subsequent default on loan payments. The gang involved allegedly threatened bank recovery officers to settle the loan accounts for a mere 10% of the truck’s value.
Four persons have been arrested and 24 trucks, worth Rs 10 crore, have been seized. Those arrested are Jitu Chavda (32), Hema Karangiya (49), and Gopalgiri Gauswami (30), all of whom are truck drivers.One Ram Nandaniya, allegedly one of the principal players, has also been arrested.
Two other prime suspects, Razak Chavda alias ‘Sopari’ and Amin Notiyar, are yet to be apprehended.
The investigation was initiated by B Division police in Jamnagar after receiving a complaint from the legal department of a finance company on Aug 7. The complainant alleged that 16 accused had borrowed Rs 13 crore for 36 trucks and subsequently stopped paying the instalments. The trucks were then sold to one Amin Notiyar, who gave possession to Chavda and Nandaniya.
They continued to use the trucks without making payments to the finance company. Recovery agents who attempted to seize the trucks were allegedly threatened by Notiyar.
P P Jha, police inspector of B Division police station, said, “The modus operandi was to use their documents to buy the truck valued between Rs 45 to 50 lakh on finance and use the trucks for their own transport business. Later, by threatening the finance company’s recovery teams, they would settle each loan for Rs 4 lakh to 5 lakh.”
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