Eider Motors Chairman arrested!
Snapshot: No we won’t be getting superbikes designed in Germany for cheap, not anytime soon!
Eider Motors, that made headlines few months back by its claims of introducing superbikes at affordable rates in India has turned out to be a big fraud. Maroju Shiva Kumar, Chairman of Eider Motors, a Hyderabad-based motorcycle firm has also been arrested on the same matter. Reports suggest, the company has been booked for a total amount of Rs 10 crore.
The firm also managed to rope in 40 dealers and took Rs 20 to 40 lakh by each one of them for dealership agreements. On the other hand, the company took no permission from the concerned authorities and made purchasing orders from many of the dealers. The company made claims that it had all the motorcycle parts being imported from Japan and all the motorcycles are designed in Germany. Assembling of the motorcycles was carried in a factory located in Hayathnagar Mandal, Hyderabad.
The company reportedly cheated investors on the claims that Eider Motor’s production facility is in Gurgaon and it has a legal manufacturing license for the same. The company then refused to return any investments when approached by the victims. Stay tuned as Bikeportal brings you more updates on the same!
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