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

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

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