A 31-year-old man was arrested for allegedly misappropriating funds to the tune of Rs 300 crore availed as loans and credit facilities from various banks and financial institutions, police said on Friday.
Vaibhav Sharma, Chief Finance Officer (CFO) of a Gurgaon-based company engaged in car dealership, was arrested on Thursday in connection with a 2018 case registered against him and the other directors of the firm for misappropriation of bank money, they said.
An action was taken by the Economic Offences Wing (EOW) of the Delhi Police after an authorised representative of one of the banks alleged that the directors of the alleged company -- Rashpal Singh Todd and Mandhir Singh Todd and its CFO Vaibhav Sharma -- duped their bank to the tune of Rs 102 crore, police said.
In view of sufficient incriminating evidence on record, accused Rashpal Singh Todd and Mandhir Singh Todd were already arrested in this case and charge-sheeted, they added.
According to the complainant bank, the accused persons had approached their branch at Bahadurshah Zafar Marg, Delhi, for financial assistance in 2007. The alleged company engaged in dealership of Audi cars had been availing cash credit facility, trade advances etc for demo cars from the bank since 2007. It had also availed term loan, cash credit facility and bank guarantee since 2013 onwards, police said.
As per the terms and conditions executed between the bank and the alleged company, the accused persons had to furnish the details pertaining to the utilisation of the funds along with details of the stock which were hypothecated with the bank. The trade advances availed by the alleged company had to be returned within 90 days. Till March 2018, the alleged company had been performing as per the terms and conditions but defaulted later. In June 2018, during an inspection at the showroom of the alleged company, only 29 cars were found against 200 cars, said O P Mishra, Joint Commissioner of Police (EOW).
"During the investigation, it further emerged that the accused persons had submitted that their company had availed the financial assistance of Rs 130 crore from other financial institutions including the complainant bank. Vaibhav Sharma had submitted a forged bank statement of J-K Bank for the period between June 1, 2018, to June 19, 2018, wherein the alleged company had availed the OD of Rs 11.64 crore. During investigation of the bank records, it was found that the alleged company had actually availed the OD of Rs 49.51 crore," he said.
The officials of the alleged company have misappropriated the amount to the tune of Rs about 102 crore and accused Sharma had told the complainant bank that the company was in losses during the past four years while the balance sheet of the company showed profits, Mishra said.
During further investigation, it emerged that the alleged company has duped other banks and financial institutions to the tune of Rs 300 crore and obtained the credit facilities, trade advances and loans for demo cars, he said, adding the cars were sold without NOCs and the loan amount was misappropriated.