The District Crime Branch (DCB) police have arrested two persons in connection with an investment scam involving car rental service.
M. Riyazudeen (35) of Apple Garden at Saramedu, and D. Rafiq (42) of South Avenue at Karumbukadai were arrested by a special team of the DCB a few days ago, based on the confession of V. Venkatesan (44) of Velipalayam in Nagapattinam.
Venkatesan ran VGM Tours and Travels at Kavundampalayam during 2018-19. He placed an advertisement inviting people to hand over their cars to his agency on a contract basis, on the promise that he would pay them ₹ 10,000 per month.
Several investors entrusted the agency with a total of 30 cars. The agency paid the investors for four months, after which Venkatesan shut down the office, the DCB said.
G. Sasikalarani of Pooluvapatti in Tiruppur district lodged a complaint with the DCB, accusing the agency of cheating her. The DCB registered a case against Venkatesan and his accomplices.
Venkatesan lived with his family in Pune since he left the city in 2019. He was arrested when he came to Coimbatore on February 12 this year. The DCB recovered eight cars worth ₹ 80 lakh from him. He told investigators that the remaining 22 cars were in the custody of seven persons in Coimbatore.
Based on Venkatesan’s confession, the DCB team arrested Riyazudeen on March 28. He told investigators that 13 SUVs given by Venkatesan were scrapped by him, while three cars were sold to Rafiq, who was arrested on March 29. The vehicles that were scrapped and bought by the duo were worth ₹1 crore, said the DCB.
