Thane, Oct 7 (PTI) The Navi Mumbai police have arrested a man for allegedly cheating people of over Rs 1.3 crore by taking their cars on rent and selling them, an official said on Thursday.

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The fraud came to light when the police received a complaint from one of the victims and an offence was registered under section 420 (cheating) and other relevant provisions of the IPC, the official said.

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The accused Vaibhav Ananta Koli was arrested last week, and 11 cars sold by him, valued at Rs 1.36 crore, were recovered, he said.

Koli allegedly took the cars from the victims claiming to use them as rentals and later sold them to others by posing as the owner of the vehicles, the official said, adding that a hunt is on to nab two other accused.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)