A stock broker, who lost money in Yes Bank crisis, was arrested along with his brother-in-law and friend for allegedly making up story about robbery of his BMW car in Noida, said police on Wednesday.

The stock broker’s brother-in-law on Sunday said unidentified miscreants allegedly fled away with a BMW car when he pulled up to urinate on a roadside in Noida.

The BMW car, which had a loan of over 40 lakh pending on it, has also been recovered, the police said.

Those arrested have been identified as stock broker Mukesh Arora, his brother-in-law Rishabh Arora and their friend Sumit Gehlotra, Central Noida’s Deputy Commissioner of Police Harish Chander said.

“Mukesh Arora had made investments in Yes Bank, which recently met with a financial crisis, and lost a lot of money. He had purchased this BMW car and had 45 lakh loan pending on it but was finding difficult to pay the EMIs,” Chander told reporters.

Rishabh, who lives in Sector 137, had claimed that he had stopped along a road to relieve himself on the night of March 14 when some unidentified miscreants held him at gunpoint and fled with the vehicle, the police said.

The police had filed an FIR under IPC section 392 (robbery) but had suspected an insider’s role in the episode.

Rishabh claimed the incident happened in Sector 90 under Phase 2 police station limits, when he was returning Saturday night in the luxury car from a party in an inebriated condition.

Officials earlier said the luxury car was owned by his brother-in-law, Mukesh Arora, and that Rishabh said there is a 40 lakh loan pending on the vehicle.

Arora had alleged in his complaint that the miscreants, who had arrived on a motorcycle, had put a gun on his back while he was relieving himself.

Arora was using his brother-in-law’s BMW for about six-seven days.





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