New Delhi: The Delhi Police has arrested 2 Audi and Porsche dealers from fleeing the country after defaulting loan constituting to Rs 270 crore.
The arrested dealers Rash Pal Singh Todd and Mandhir Singh Todd are British nationals of Indian origin and were caught on Delhi airport on Friday after they were attempting to flee the country without paying their loans to banks, TOI reported.
The duo’s Zenica Group owns Porsche Centre Gurugram, Audi Gurugram, Audi Delhi Central, Audi Approved Plus and Audi Service Gurugram, besides the iZenica chain of Apple showrooms.
HDFC Bank is reported to have filed a complaint of forgery and cheating against the duo on August 29 wih the Delhi Police.
The balance sheet of the arrested dealers shows profits against their claims of losses. Rash Pal Todd is also a well-known personality among the Delhi-Gurugram Page 3 circuit.
The Delhi Police’s economic offences wing arrested the duo after HDFC’s FIR named the directors, managing companies like Zenica Cars India, Zenica Performance Cars Private Ltd, along with group finance head Vaibhav Sharma, charging them for cheating and forgery.
According to auto industry sources, Zenica Group, alone is reported to be the largest dealer of Audi and Porsche in India, making income of Rs 500 crore from sales and service every year.
The duo had not only cheated HDFC bank who lent them Rs 120 crores but also ICICI Bank, Canara Bank, J&K Bank and Volkswagen Finance the police said.
HDFC said that they granted them the loan based on their profits on balance sheets that they submitted but on August 28 the directors expressed their inability to repay the loans as they stated, they suffered huge losses over the past four years.
“It is clear that the accused, in order to obtain credit facilities, forged the documents on the basis of which a huge amount of credit was released,” said Sanjay Sharma, assistant vice-president of HDFC Bank.
Sanjay said that the Todds had acted in “a well thought out and calculated manner” eyeing “wrongful gain to themselves,” forging documents.
The Delhi Police said an FIR is registered under relevant sections of IPC like 406 (criminal breach of trust), 420 (cheating), 468 (forgery), 471 (forging document), and 120B (conspiracy) of IPC.