India, June 24 -- The Kalachowki police have arrested a 41-year-old man, a purported chartered accountant (CA), for allegedly duping a Lalbaug resident of Rs.2.4 crore by luring him to buy 11 cars on loan from various banks and taking possession of the vehicles claiming they would be rented out to luxury hotels.

The fraud was carried out between August 2023 and February 2024 and police are on the lookout for two accomplices of the arrested accused who are on the run, officers aware of the matter told Hindustan Times.

The accused, identified as Rahul Girish Shah alias Sachin alias Saurabh, was arrested and produced in court on Sunday and remanded to police custody till June 26.

According to the police, Shah was a resident of Millat Naga...