STOCK MARKET BSE NSE

Telangana bike showroom owner held for fraud schemes

In the reference scheme, she offered a 40% discount on the bike cost, if the customer paid 60%.

Published: 21st November 2021 05:08 AM  |   Last Updated: 21st November 2021 03:27 PM   |  A+A-

arrest, handcuffs, crime

(Express Illustrations)

By Express News Service

HYDERABAD: Rachakonda police on Saturday arrested the owner of a bike showroom Kankula Pallavi Reddy and her associate Poloju Sanjay at Jawaharnagar, for cheating people on the pretext of investment in bike schemes. The duo duped around 300 people to the tune of roughly `2 crore, said police.

Pallavi Reddy started two bike showrooms, Sri Sai Nithya Traders (OPC Pvt Ltd) at Dr A S Rao Nagar, Nithya Motors at Dammaiguda and its branches at Maheshwaram and Domadugu villages. In order to earn easy money, she floated a reference bike scheme. 

In the reference scheme, she offered a 40% discount on the bike cost, if the customer paid 60%. When the customer paid 60% of the vehicle cost, she would pay 20% to the bank and deliver the vehicle after getting finance from the banks on the customer’s name. She took the remaining amount and credited it to her account. She promised the customer that  she would pay the loan in 12 EMIs  for which the customer would have to get four other customers.  

‘Get double the money’

Another scheme was the Waiting Period Scheme, in which Pallavi Reddy offered a bike for 50 per cent and the vehicle would be delivered after 100 days from the payment date.  A third offer was the Investment Scheme, in which people were asked to invest amounts with the accused and the amount would be returned in double after 100 days. Pallavi Reddy insisted that customers transfer the amounts online to various bank accounts. Accordingly, around 300 customers paid her money by enrolling in the schemes.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp