A man identified as Vincent Banda has been arrested by Malawi Police in Ndirande after he borrowed eight motor vehicles and used them as collateral to borrow cash amounting to K22 million.
According to reports, the suspect in April hired two vehicles from a man identified as Tinkhani Benjamin of which he honored the payments in the first months.
However, the suspect could not be found during the following months, for his payments prompting Benjamin to involve the police.
Police later managed to trace and arrest the culprit who was captured in Mulanje while driving another hired car.
Upon being quizzed by the detectives, it was revealed that he used these motor vehicles as collateral to borrow huge sums of money from different people.
He disclosed that he could trick the potential clients by using fake car documents to justify himself as the sole owner of the vehicles.
Police’s investigations revealed that he used eight vehicles as collateral and collected about K22 million from different unsuspected clients.