A person who mortgaged the cars he had hired on rental basis was arrested by the police here.
C. Raghu, working in a local chit fund company in Kadapa, used to hire cars by paying advance, but never used to return them. He used to extend the hire period by paying money. Venkatesh, a local travels agent, got suspicious about his activity and lodged a complaint with the Kadapa One Town police.
Mr. Raghu and his associate Koushik Kumar were picked up by the police in the town on Saturday morning. Upon interrogation, they revealed that they had so far mortgaged 14 rented cars, worth about ₹1.2 crore.
DSP (Kadapa town) U. Suryanarayana said that Raghu used to mortgage all the cars he had taken on rental basis with the help of Koushik Kumar and spend the shared money to lead a luxurious life.
