Used cars dealer held for forgery,buyers lose high-end vehicles

Next time you see a flashy advertisement online,inviting you to be a proud owner of a high-end car by shelling out peanuts,think twice.

Written by Ananya Bhardwaj | New Delhi | Published: March 15, 2013 1:29:38 am

Next time you see a flashy advertisement online,inviting you to be a proud owner of a high-end car by shelling out peanuts,think twice.

Police have recovered 16 high-end cars,including Honda CRVs and Skodas,after a Mahindra franchisee dealer sold over 30 cars to buyers using forged Registration Certificates and papers.

Police are on the lookout for 14 more cars,including Mercedes and BMWs,which were sold in a similar manner.

Police said,the dealer,Pankaj Nagpal has been arrested. He cheated not only several customers but also his financier of nearly Rs 3 crore. Police cracked down on the dealer after the man who financed Nagpal lodged a complaint.

According to police,Nagpal struck a deal with the complainant to invest in his business of sale and purchase of luxury cars. In return,Nagpal promised him a percentage share in the business.

He asked the complainant to keep giving him money,with which he would buy cars and then sell them at a profit. Half of the profit was to go to the complainant,police said.

Police said Nagpal bought over 30 cars with the money given to him by the complainant.

To make it look like a genuine partnership, Nagpal gave the Registration Certificate books and papers of the purchased cars to the complainant as a security deposit. Nagpal asked him to keep the papers as a security for the money he invested,till Nagpal got customers for the purchased cars.

Meanwhile,police said Nagpal prepared forged papers of all the cars and sold them to several customers without informing the complainant.

The complainant came to know about the fraud after he visited Nagpal’s showroom. Police said he asked Nagpal to show him the 30 cars which he had bought.

In a statement given to police,the complainant said,“I called him to show me the 30 cars that he bought. Nagpal initially told me that they have been given for minor repairs. When I asked again,he told they were out on test drives. I felt something was fishy,and went to the head office to check the status of the cars. It was then that I found that he had already sold 29 cars to customers using forged papers,as the original ones were with me,” the complainant stated.

A senior police officer said,“We checked with the head office and contacted the customers who he had sold the cars to. The papers were found to be forged. He used to give advertisements online and also in newspapers promising cheap deals. Nagpal bought the cars with the complainant’s money and sold them to several people without informing him. We have registered a case of cheating and forgery against Nagpal.”

He has been sent to 14 days’ judicial custody. Police said the possession of the cars will be decided by the court.

“While the buyers are claiming that the possession be given to them as they have made full payment for the cars,the complainant is saying that all the original papers are in his custody and that he had made the initial payment to purchase those cars,” the officer said.

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