Thane cops bust car rental‑mortgage racket - 32 cars worth Rs 2.44 cr seized, one held

A major vehicle rental and mortgage racket spanning several districts of Maharashtra has been dismantled by the Thane Crime Branch, resulting in the seizure of 32 cars worth Rs 2.44 crore and the arrest of one man, senior police officials said on Monday.

The investigation was launched after complaints were filed at the Wagle Estate police station reporting that five cars had been stolen. Deputy Commissioner of Police (Crime) Amarsingh Jadhav told reporters that the probe quickly zeroed in on Ulwe resident Sandeep Raghu Shetty , who had enticed vehicle owners with promises of unusually high rental returns.

According to police, Shetty convinced owners to hand over their vehicles for purported long‑term rentals. Instead of renting them out legitimately, he fraudulently mortgaged the vehicles to third parties and kept the money, leaving owners unaware of the true status and location of their cars. In some cases owners reportedly did not even know where their vehicles were being kept.

Shetty was arrested by the Crime Branch on February 6 and questioned, during which investigators uncovered evidence that the operation extended well beyond Thane. Vehicles were recovered from Navi Mumbai, Panvel, Pune, Kalyan, Lonavala, Chhatrapati Sambhajinagar and Parbhani , police said.

Police have indicated that more vehicles may have been mortgaged or otherwise diverted by the racket, and that the investigation remains ongoing to identify additional suspects or accomplices. The Crime Branch is coordinating technical analysis and intelligence leads to track missing vehicles and trace how the fraudulent network operated across districts.

In a related advisory, authorities have urged vehicle owners to exercise caution before entering rental agreements offering high returns. They recommended verifying the identity and credentials of potential renters, insisting on written contracts, and maintaining thorough documentation to prevent exploitation through similar schemes.