A total of 32 cars worth Rs 2.44 crore were seized and one person has been arrested after a major vehicle rental and mortgage racket was busted by the Thane Crime Branch, a senior police official said on Monday. The probe into the case began after five vehicles were reported as stolen at the Wagle Estate police station, Deputy Commissioner of Police (Crime) Amarsingh Jadhav told reporters.

“Our probe zeroed in on Ulwe resident Sandeep Raghu Shetty, who would promise vehicle owners high returns in a rental scheme. He would take possession of the vehicles to rent them out. However, he would fraudulently mortgage these vehicles and pocket the money obtained on them,” the official said.