Closed car rental firm dupes investors

Closed car rental firm dupes investors


S M S Hussaini, an investor from RT Nagar has lodged a complaint with Seshadripuram police alleging that Aim Limouzines had cheated him and several others who had invested in it, by reneging on its promise of paying ‘rich dividends.’

The ISO-certified firm had placed an advertisement in various newspapers seeking investment. Lured by the promise of good returns, Hussaini put in a total of Rs 4.8 lakh in three schemes.

A five-year scheme offered by the company involved buying of a car in the name of the investor who would pay Rs 1.35 lakh, which would be leased to major companies for their use, with the companying paying the remaining amount of loan to the banks as Equated Monthly Installments (EMIs) and taking care of the insurance payments.

The company would bear cost of the vehicle's registration and its maintenance and would give the investor 12 post-dated cheques of Rs 5,500 each to be encashed every month. After the completion of the term, the company would return the vehicle to the respective investor. Else, it would pay Rs 20,000 to each investor and retain the vehicle.

“For eight months, I encashed the cheques, but the ninth cheque bounced," Hussaini informed Deccan Herald.

The company had its office in Seshadripuram, but it shifted base to Cunningham Road. When repeated calls and personal visits to the head office in Thane failed to yield any result, Hussaini complained to police as did several other investors. A case has been registered under Section 420 read with 34 of the IPC and the police will soon visit Thane for investigation.

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