The Fraud and Misappropriation Squad of Central Crime Branch (CCB) who arrested the trio identified them as Raghavendra (33) from Laggere, Prabhu (38) from Vijaynagar and Prem kumar (29) from Magadi Road.
They managed to buy nearly 50 two-wheelers from two showrooms after availing of vehicle loans from Bajaj Finance Company by submitting fake address proof. The police have also seized 11 vehicles and Rs 7.15 lakh in cash from them.
Brand new vehicles
According to police, the three men also sold nearly 40 vehicles at relatively less prices to others. “After getting the loan amount, they purchased bikes from Popular Motor Corporation of Jayanagar and RV Bajaj Showroom on Mysore Road during 2007 and 2008.
Within a week, they would sell the brand new bikes at Rs 15,000 less to their customers in villages after the registration to avoid complications,” police said.
The fraud came to light in early 2008 when Bajaj Finance received no monthly repayment from them for several months. A case was registered with the Tilaknagar police before it was handed over to the CCB. Police are now on the lookout for the people who had bought the motorcycles sold by the trio.