Finance company dupes motorcycle distributor

Aurangabad, Nov 26:

A finance company, Cholamandal Investment Finance, duped a motorcycle distributor company Cherry Corporation of Rs 2.90 lakh by giving a forged document of loan sanction letter. A case has been registered at the Cidco police station against two customers and the officers of the finance company.

The accused have been identified as customer Suraj Sunil Salve (Mill Corner), Shafique Pathan Rashib Pathan (Amravati, tehsil Phulambri), finance company sales manager Kishor Nayak, branch manager Shivraj More, zonal manager Sheetal Jain, cluster manager Pranav Nayak, and representative Vijay Waghmare.

Cidco police said, complainant Anita Manish Dandgaval has a motorcycle distribution firm by the name Cherry Corporation at Connaught Place. Accused Waghmare works as a representative of the finance company there. A few months back, Suraj Salve came to purchase a motorcycle, a few months back, submitted the documents, and selected a motorcycle. Waghmare sanctioned a loan of Rs 1,33,021 to Salve for purchasing the motorcycle from the finance company. Later, the complainant took Rs 20,000 from Salve and registered the motorcycle in his name. However, the finance company did not pay the amount to the Cherry Corporation as per the loan letter. A similar case was with Shafiq Pathan. The company sanctioned Rs 80,000 loan to him. Accused Waghmare while given the loan letter to the complainant made some changes in the letter and showed that Rs 1,61,426 has been sanctioned to Pathan. However, the complainant did not receive a single rupee. When the complainant found that she was duped, she lodged a complaint at the Cidco police station.

The motorcycles purchased by Suraj Salve and Shafiq Pathan are registered with the regional transport office (RTO). It is mentioned that the finance company has provided a loan to the amount to the Cherry Corporation. However, the finance company did not pay the loan amount to the motorcycle distributors. The customers paid only the registration fees and are using the motorcycles now. The motorcycles purchased by Suraj Salve and Shafiq Pathan are registered with the regional transport office (RTO). It is mentioned that the finance company has provided a loan to the amount to the Cherry Corporation. However, the finance company did not pay the loan amount to the motorcycle distributors. The customers paid only the registration fees and are using the motorcycles now.