A stock broker was arrested along with his brother-in-law and a friend for allegedly concocting a story about the robbery of his BMW car here four days ago, the Noida police said on Wednesday.
The BMW car, which had a loan of over Rs 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 Rishab 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 Rs 45 lakh loan pending on it but was finding difficult to pay the EMIs," Chander told reporters.
His brother-in-law 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.