The Economic Offences Wing of Delhi Police has arrested Zenica Group CFO Vaibhav Sharma on the charge of duping a bank of approximately Rs 300 crore, a senior police officer said on Friday
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The Economic Offences Wing of Delhi Police has arrested Zenica Group CFO Vaibhav Sharma on the charge of duping a bank of approximately Rs 300 crore, a senior police officer said on Friday. The said company allegedly obtained credit facilities and trade advances and loans for buying demo cars but sold them without obtaining NOCs and thus misappropriated the money.
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An authorised representative of HDFC Bank alleged that Rashpal Singh Todd and Mandhir Singh Todd, Directors of Zenica Cars India Pvt Ltd and Zenica Performance Cars Pvt Ltd, and Sharma duped the bank's Bahadurshah Zafar Marg branch of around Rs 102 crore after approaching it in 2007 for loans.
The said companies followed the terms and conditions of the loan agreement till March 2018, but later defaulted. An inspection carried out in June 2018 at a company showroom revealed only 29 cars as against 200 as per the records.
During investigation, it was found that Zenica Cars India Pvt Ltd had availed of financial assistance of Rs 130 crore from other financial institutions as well, including ICICI Bank, Federal Bank, J&K Bank, and Volkwagen Pvt Ltd.
Sharma had allegedly submitted a forged J&K Bank statement for the period from June 1, 2018 to June 19, 2018, wherein the company allegedly availed of overdraft facility of around Rs 11.64 crore. The investigation also allegedly found that during the relevant period, the company availed of overdraft of Rs 49.51 crore.
"In view of the sufficient incriminating evidence on record, Rashpal Singh and Mandhir Singh have already been arrested and chargesheeted. The company has duped banks and other financial institution to the tune of around Rs 300 crore," said Joint Commissioner of Police (EOW) OP Mishra.
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