Mumbai Crime: Worli man loses car, EMIs over loan mess

A Worli resident, allegedly cheated by a car seller, has lodged a complaint at Ghatkopar police station against the seller and a finance company for seizing his vehicle. The 37-year-old man had bought the car after taking a loan of Rs 9 lakh from Manappuram Finance Ltd, which he was repaying through equated monthly instalments (EMIs).

Kasam Allauddin Mujavar had bought an Innova Crysta from Sachin Uttam Chavan in 2018 for R12 lakh and was handed over its documents, too. "I had the documents checked by a car agent who gave me the green light to buy it. I applied for a car loan at Manappuram Finance Limited with the help of the agent, their representative evaluated the car's price and sanctioned me a loan of Rs 9.26 lakh. The amount was paid to Chavan to clear his loan from Cholamandalam Investment and Finance Company Limited. I also paid him [Chavan] the rest of the amount in cash to get the car and its documents on August 15, 2018. I also got the No Objection Certificate (NOC) from Cholamandalam," Mujavar told mid-day.

As the car was registered in the name of SA Rent A Car, Mujavar visited the RTO office to get its ownership changed. But just a day before the passing order came, another finance named company Khatav Taluka Co-op Credit Society Limited approached the RTO office asking them not to give the clearance certificate as they had issued a loan against the car and the borrower had not paid it off, Mujavar said.

When Chavan was called for clarification, he remained unavailable and the car agent asked Mujavar to speak to officials at Manappuram. "They [Mannapuram] seized the car on January 31, 2019 despite my regular EMI payments of Rs 27,000 per month since June 15, 2018. So, I stopped paying the EMIs from February," added Mujavar, who has been running from pillar-to-post to get back his car and recently got to know that Manappuram had sold the commercial car to a muscleman who has been using a private number plate.

"I saw the car near Teen Hath Naka in Thane," Mujavar said, adding that Chavan "is the main culprit who first got a loan from Khatav, paid them six EMIs and fraudulently got the RC book from the RTO." With the RC book as security, he managed to get a loan of Rs 12 lakh from Cholamandalam for some other work, said Mujavar who has filed a complaint in this regard at the Ghatkopar police station.

Chavan told mid-day, "I have no time to discuss the matter related to this issue," and the manager at Khatav, Sanjay Deshmukh, said, "Sachin had taken a loan of Rs 15 lakh from us and paid the EMIs for almost a year. But he prepared fake documents to get an RC book and got a loan from another bank. We have put Sachin and his brother Nikhil, who was his guarantor, in our defaulters' list. They are fraudsters."

Did not seize, says Manappuram

The spokesperson of Manappuram said, "We have not confiscated his vehicle. It was parked by with the consent of the borrower as he was unable to pledge collateral on the funded vehicle."

In its official statement, the spokesperson at Manappuram said, "We are going ahead with legal action against the borrower for outstanding dues as per the terms and conditions with the borrower. He took a loan from us through a channel partner [car agent] who has accepted not being able to pledge collateral and hence the vehicle is parked with us. This is because the first owner did not hand over the required valid documents from the co-operative bank from which he was financed. In fact, the co-operative bank had objected in the RTO that the first owner is a loan defaulter and cheated them. The claim of the first owner seems to be false," the spokesperson said, adding, "As the borrower failed to pay outstanding dues, we carried out sale proceeds in September 2019 through public auction as per agreed terms and conditions with the borrower."

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