1.7k people lose 15 cr after EV income promise

Time of India

12 hours ago

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Kolkata: Around 1,700 people were duped of an estimated Rs 15 crore after investing in a dud electric scooter investment scheme for two years. Cops have arrested three men, including the mastermind behind the inter-district financial fraud.
On June 25, Shashank Dutta, alias Swaroop Dutta, was arrested from Sitamarhi, Bihar. Based on his statements, Kunal Kumar, alias Kumar Kundan, and Sudhir Kumar, was arrested from Patna on Sunday.
The accused had been operating from an office — Electrino Private Limited — on Deshbandhunagar Railpukur Road in Baguiati since 2023. The business model involved getting individuals to buy electric scooters for Rs 85,000 and leave them at the showroom.
In return, the company promised a monthly rent of Rs 7,500. Customers were told that the scooters would be leased to other users for bike taxi and food delivery purposes.
"Several people across districts invested in the scheme. Documents were signed, and buyers selected models and colours, but the scooters were kept at the showroom, and later sold to others. Around 40-50 scooters were kept on display at any given time," said an officer.
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The company opened two more branches, in Bankura and Ranchi. While some investors received payments in the beginning, most did not. New offers were introduced earlier this year, leading to more people investing. On May 7, the Baguiati office was shut, and the operators went missing.
The scam came to light on May 8 when Shanti Sudhin Mukherjee from Purba Sinthi Road filed a complaint. Based on an advertisement, Mukherjee had invested in 11 scooters. He later discovered the company's office was locked and his payments stopped. He also alleged additional financial loss after enrolling his family in a training programme promoted by the firm.
Police said they are looking for Susmita Das, Gulshan Kumar Singh, and Smita Madan, who have also been named in the FIR.