A 30-year-old businessman was today arrested on charges of cheating car owners on the pretext of leasing their vehicles for good returns, and also for forging registration documents, police said.
Acting on credible information, sleuths of Central Crime Station (CCS) - a wing of Hyderabad Police - nabbed Shaik Umar Alisha from Madinaguda area and seized 34 cars of various models, worth Rs 3 crore, from his possession.
Alisha, a native of Palakollu town of West Godavari district in neighbouring Andhra Pradesh, earlier worked in a leading IT firm after completing his MCA.
To overcome his financial problems, Alisha drew up a plan of taking cars from known persons and giving the same to customers on rent. He promised good returns to the car owners, but avoided getting into lease agreements with them, said Additional Commissioner of Police (Crime) Swathi Lakra.
The accused, along with his two associates, Srinivas Reddy and Rakesh Kumar, started a travel agency to gain the confidence of cars owners, Lakra said.
Many persons approached them for giving their cars on half yearly and yearly rental basis with a hope to earn fixed income. The accused went on taking cars and leasing them out, thus earning good money, which they splurged on themselves and led a lavish lifestyle, she said.
"They avoided paying rentals to the car owners. When they insisted on payment, the trio would some time give small amount of money and even threatened the owners if they asked for more," the ACP said.
The accused also prepared fake documents and transferred ownership of some cars without the knowledge of their real owners," the senior police officer added.
Alisha's partners in crime are yet to be apprehended.
