City Limouzine Scam

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EOW takes Aim at one more car rental company

Aim Limouzines - like City Limouzine - had started a car-rental investment scheme, but allegedly defaulted on payments to investors. EOW suspects fraud to the tune of Rs 20-crore

| | | | | | |Close on the heels of the alleged City Limouzine fraud, another multi-crore investment racket by a car-rental firm has come to | |light. And the similarities are striking: to begin with, the new company’s name is Aim Limouzines India Pvt Ltd. | | | |According to a case lodged with the Economic Offences Wing (EOW) of the Mumbai Police, like City Limouzines, Aim Limouzines, too,| |had floated a car-rental investment scheme in which investors were asked to invest anywhere between Rs 85,000 and Rs 3.2 lakh. | | | |The company, promoted by a certain Pramod Raut, told its investors that the money would be used to buy cars that would be | |transferred to them after a few years. During this period, it promised monthly returns between the range of Rs 6,000 to 12,000. | | | |Recently though, the company - which commenced operations in 2007 - stopped payments to some investors. The EOW learnt of the | |fraud through its intelligence network and lodged a complaint against the company, following which several investors came forward| |to record their statements. | | | |According to the EOW, the Thane-based Aim Limouzines has branches across India, including Andhra Pradesh, Karnataka and Gujarat, | |and has over 2,000 investors in Mumbai alone. | | | |Additional CP (EOW) Sanjay Saxena said, “We suspect the fraud to be over Rs 20 crore, but we are waiting for more investors to | |record their statements.” | | | |However, the EOW is fighting a losing battle to get more investors to register complaints. | | | |“Despite telling them that they could be cheated in the long run as this business model is unsustainable, many investors are | |saying, ‘Why should we give statements? We are still getting our cheques’. They are not ready to accept that there could be a | |fraud,” said an officer. | | | |[pic]...
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