Two directors of a company that runs luxury car dealerships have been arrested by Delhi Police for allegedly taking loans from HDFC bank to the tune of Rs 140 crore since 2008 by providing forged documents. The two, Rashpal Todd (57) and Mandhir Singh Todd (33), were detained at Delhi airport, before they could reportedly leave for Birmingham, UK.
“We got a tip-off that the two were planning on leaving the country so we informed the immigration department and on identification, they were arrested. We have taken their remand and the two are currently being questioned,” said Additional Commissioner of Police (EOW) Suvashis Choudhary.
Officers alleged the two men, directors of Zenica Cars India Pvt Ltd, were availing loans under different pretexts from various banks. However, when HDFC bank conducted a stock audit, several discrepancies were noted, the FIR read.
The company mainly has dealerships in Delhi and Gurgaon where Audi and Porsche cars are sold. The two were made the accused in the case after the assistant vice-president of HDFC bank, Sanjay Sharma, approached EOW with a complaint, following which an FIR was registered on August 29.
The accused had approached the bank for a loan in 2008 and secured credit facilities, but were unable to repay their dues. The complainant alleged that the accused had “forged their balance sheets showing profits while on the contrary they were making losses for the past four years”.
In June this year, the bank conducted a comprehensive stock audit and asked the accused to send their financial documents. During the audit, “the bank found that the accused had misrepresented the balance owed to J&K Bank as on June 19, 2018. Based on the misrepresentation, the credit facilities continued to be extended…,” the FIR read.
As per the FIR, the stock audit also found that the company had “a total of 29 cars even though the company claimed to have 200 cars, following which the bank has alleged that the accused sold off the cars clandestinely to third parties and did not inform them about the sales which were siphoned off”.
The accused also allegedly cheated the bank by selling demo cars used for test drives without informing the bank or clearing previous dues. “Our bank also extended credit facilities towards the purchase of 32 such demo cars which were sold without informing the bank to pocket sales proceeds fraudulently,” the FIR read.