The truth behind Hyderabad based two wheeler brand, Eider Motors has been uncovered by the officials at Central Crime Station. After receiving complaints from over 40 investors, Maroju Shiva Kumar, the chairman of the brand has been taken under custody for cheating the investors by making unfair trade practices. The estimate for the fraud is said to be well over INR 10 Crore.
Chairman of Eider Motors Arrested Over Rs 10 Crore Fraud
The brand came into existence last year and ensured the investors of having manufacturing license and facility for the two wheeler, for which the parts were said to be imported from Japan and Germany. After some initial investigations, the claims of facilities in Gurgoan and Hyderabad were proved false. Even a company named Nirvana Group of Industries belongs to Shiva Kumar, situated at Road number 36, Jubilee hills.
The plans of expansion of the company were revealed by this person through many media channels where the need of around 80 dealerships and new product launches were the most fascinating out of all. These tricks were played in order to pull the maximum possible money from the investors, which ranged between INR 20-40 lakhs. The models like CF Moto 650NK and others were just Chinese bikes with Eider logo on them.
Eider CF Moto 650NK
The typical example (Eider 650 NK) was offered at just INR 3,37,130 while the competition had the least pricing of INR 4,69,000. This pushed many into the fraud as he even offered commission of around INR 6,000-12,000 over every bike sold to the customers. The dealers not even received a single bike till date.
For those who were planning to buy a Eider bike, be aware of this fraud and do not let anyone take away your hard earned money. The one’s who have paid for a booking or have invested in this company, you can register the complaint with your local authorities for a strict and timely action.
Eider CF Moto Dave 150
