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Arjun’s 11: High-end car deals that led to a downfall | Mumbai news

Ponzi Scheme

Arjun’s 11: High-end car deals that led to a downfall | Mumbai news


Mumbai: The last post on the Instagram page of Scuderia Automotive Private Limited, a Navi Mumbai-based car dealership read, “GLA35 AMG delivered! Congratulations to the owner,” accompanied by a set of images of the mountain grey vehicle. Third in the Mercedes AMG model, the ex-showroom price of an automatic in this series starts at 59.40 lakh. The pictures were posted on December 8, 2021. A day later, the 23-year-old owner of the dealership, Arjun Raj Iyer was arrested for cheating a customer of several lakh rupees. Over the next few months, 10 more cases were registered against the Navi Mumbai resident in Mumbai, Pune, Ratnagiri and Nagpur. The investigating teams pieced together the scheme that Iyer allegedly masterminded to earn lakhs from unsuspecting car buyers, which included industrialists, local politicians like corporators as well as legislators, businessmen, sportsmen, actors and even other pre-owned car dealers across the country. He reeled them in by promising high-end vehicles with heavy discounts, including a Mercedes Maybach (ex-showroom price of 2.10 crore) for 1.65 crore.

“He was in the interrogation room and one of his victims, a car dealer, was recording his statement in another room. He said that Arjun was among the top dealers of Mumbai. Initially, I thought he was exaggerating, but when he shared the details of Arjun’s operations, I realized that the young man was a master cheat. He aspired to become one of the top car dealers of…

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