India, May 3 -- Two men have been arrested for cheating 1,375 people of Rs.20.60 crore by promising them an income of Rs.55,000 to Rs.75,000 per month if they became part of a car-rental business. The arrests were made by the Kashimira police in Mira Road on April 29, in Mira Road and Dapoli in Ratnagiri.

Police have seized 246 cars valued at around Rs.25 crore from the accused, identified as Sandeep Kandalkar aka Raju Rajiv Joshi and Sachin Tetagure, both residents of Dapoli in Rantagiri district.

Kandalkar, who has been booked in 13 fraud cases, would tempt people to invest in the supposed rental car business, by telling them this was a pick-up and drop service from the airport and ports such as the Jawaharlal Nehru Port Authority. Th...