Visakhapatnam police recover 50 stolen cars worth Rs. 7 crore

In a major breakthrough, Visakhapatnam police recovered stolen cars worth over Rs. 7 crore. A total of six people have been arrested for cheating car owners and stealing a total of 98 cars in the city. The cars were taken from the owners on the pretext of renting them out to cab services in multi-national companies and Non-Resident Indians for higher rent. The signatures of the owners were later forged, and the cars were mortgaged. The promissory notes, cheques and other documentation given to the owners were found fake.

In connection to this case, the police have arrested members from two separate gangs, led by two men identified as Adapa Prasad and Pothuraju Shanmukha Prasad – both residents of Visakhapatnam. While 30-year-old Adapa Prasad is a B.Com graduate and briefly worked at LIC, 38-year-old Shanmukha Prasad started two businesses that left him in losses. Both the accused then hatched the car mortgage plan after their close aides worked out paperwork pertaining to the banks. The two even paid out rents to the car owners for a couple of months but stopped later.

Separate cases have been registered against the gang members and 77 cars of the 98 have been recovered by the police so far. V Suresh Babu – DCP Crimes, Vizag led the CCS special team to nab the accused who have now been taken into custody. An investigation has been launched to recover the other stolen cars.