One more case of bank fraud came into the limelight today in Gurugram. A father and son duo who own a luxury car dealership in Delhi and Gurugram, was held on Friday at the Delhi Airport with a whopping 270 Crores. This happened just before they were about to fly out of the country. The due amount of the loan that they had borrowed from various banks was large enough.
1. Rash Pal Singh Todd and Mandhir Singh Todd are British nationals of Indian origin. They got arrested as soon as HDFC bank filed an FIR against them. They were spotted at the Delhi airport Friday morning and were held just before 30 minutes of boarding the scheduled flight.
2. They were reportedly dressed as wedding guests and claimed that they were going to attend a relative’s wedding in Birmingham.
3. The Todds run Zenica Group that comprises of the 5 largest Audi and Porche Dealership showrooms across Delhi and Gurugram. Other than that, they also own iZenich chain of Apple brand.
4. As per the sources, the Zenica Group is the largest dealer that sells about 140 Audis and around 18-20 Porsche cars every month.
5. They had borrowed about 270 crores collectively from different banks. The list includes HDFC Bank, ICICI Bank, J&K Bank, Canara Bank and Volkswagen Finance. Out of all, HDFC alone lent them 120 crores.
6. They applied for the loans by forging a fake balance sheets that showed profits. But the fact was that the company was constantly going in losses for the past 4 years. All the financial documents were forged on the basis if which they took a heavy loan.
7. They borrowed massive loans in the name of purchasing 32 demo cars. Instead of paying, they grabbed all the money and attempted to fly out of the country. They would have succeeded, had the immediate action from HDFC not alerted the relevant authorities.
8. Todds sent an email to HDFC informing them about their inability to repay the loan. The assistant vice-president of HDFC took the action immediately as soon as it came to his notice.
9. Complaint of forgery and cheating was filed against the Todds. Economic offenses wing of Delhi police arrested the father-son duo at the IGI Delhi Airport.
So, Thanks to all the sources and especially the police officials who took no time to arrest the suspects. We are glad about this achievement. Three cheers to the Gurugram Police!