Mira Road: In a significant breakthrough, the Mira-Bhayandar, Vasai-Virar (MBVV) Police have arrested two key suspects in connection with a large-scale financial fraud and vehicle misappropriation scam, and recovered 246 motor vehicles valued at approximately Rs 25 crore. The accused lured investors under the guise of lucrative rental returns on commercial vehicles.

The scam came to light following a complaint filed by Bhavesh Shekhar Ambavane, a resident of Mahajanwadi, Mira Road (East), at the Kashimira Police Station (Newsband carried the news on April 24).

According to the FIR registered, the accused allegedly duped over 1,375 individuals, defrauding them of a staggering Rs 20.60 crore by promising monthly rental income from cars and pickup tempos placed at the airport and JNPT port.

The mastermind, Sandeep Suresh Kandalkar alias Raju Rajiv Joshi, created false agreements on Rs 100 stamp paper and took advance payments for booking new vehicles in the names of the complainants. He initially paid out small amounts to gain trust, before disappearing with the funds and vehicles. Kandalkar, along with accomplice Sachin Sunil Tetgure, has been arrested, while seven other suspects remain under investigation.

“This is one of the largest organized economic frauds we’ve seen in recent years. Our teams have acted swiftly and decisively. Over 246 vehicles have been seized and further recoveries are ongoing,” said Police Commissioner Madhukar Pandey.

Kandalkar was earlier booked in 13 similar cases across Mumbai, Navi Mumbai, Pune, Nashik, and Gujarat’s Bharuch over the last decade, investigations led by senior PI Sheetal Munde of Kashimira police station, unearthed.

Charges under Section 111(2)(b) of the Bharatiya Nyaya Samhita for organized crime have also been added.

Additional Commissioner of Police Dattatray Shinde and DCP Prakash Gaikwad, under the supervision of Police Commissioner Pandey, have coordinated the ongoing investigation. “This scam underscores the importance of public awareness. Citizens must thoroughly verify the legalities before investing in schemes that promise unusually high returns,” Pandey urged.

The Mira-Bhayandar, Vasai-Virar Police has issued a public advisory encouraging citizens to report any suspicious investment offers and avoid unverified financial commitments. Investigations are ongoing, with more complainants coming forward and the possibility of additional vehicle seizures.