False promises, allegations of fraud and over Rs 1,000 crore in cumulative losses bring Ola’s car leasing business to a grinding halt.
A cab driver from Telangana, S had always wanted to own a vehicle, but never had enough money or the requisite supporting documents to get a vehicle loan. So when Ola Fleet Technologies Pvt. Ltd—a wholly owned subsidiary of ANI Technologies, better known as Ola Cabs—launched its new vehicle leasing scheme in 2017, he jumped at it. He paid Rs 26,000 upfront in November that year for leasing a sedan that was barely a few months old, after the company assured him that he could own the car within four years.
The company promised S a steady daily business (around …
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