Police on Tuesday nabbed three persons for allegedly recovering vehicles from loan defaulters by posing as recovery agents, and later selling them to others.
Nine four-wheelers worth over Rs.75 lakh were recovered from G. Naveen Raj Kumar (41) of L.B. Nagar, Ch. Surendar (44) of Karmanghat and S. Narendar (32) of Malakpet. Posing as an authorised recovery agent, Kumar would collect vehicle ownership particulars from loan defaulters of the finance companies.
In some cases, Kumar and his associates also cheated finance firms of their money.