A father-son duo, who are British nationals of Indian origin dealing in luxury cars and accused of defaulting on a Rs 270 crore loan acquired for using forged documents, were arrested while trying to fly out of the country, police said.
The arrests of Rashpal Singh Todd and his son Mandhir Singh Todd, who have dealership of Porshe and Audi cars in Haryana's Gurugram, came following investigations into a complaint filed by HDFC Bank last week and information that they were heading out of the country.
The Todds own Zenica Cars Pvt Ltd, which deals in Audi cars, and Zenica Performace Cars Pvt Ltd, which deals in Porshe cars.
Sources said the banks provided a loan of around 270 crore in the past four years and there is still an outstanding amount of around Rs 120 crore.
The accused could not be contacted for their version of the story.
The bank approached Delhi Police's Economic Offences Wing (EOW) soon after it came to light that the duo and their companies reportedly submitted fake documents to avail credit facilities for purchasing new cars, demo cars, used cars and spare parts.
It came to know about the irregularities during the physical comprehensive stock audit and verification of the various documents.
"Most of the documents provided are forged which has induced us to extend huge credit facilities to the accused...we have been cheated by the accused persons and they have taken advantage of the trust reposed by us," said HDFC Bank's assistant vice president Sanjay Sharma in the complaint, cited in the FIR.
According to the FIR, the companies submitted fabricated balance sheets and other financial documents, which showed that it was having profits in the past four years, while it was the opposite.
The bank told the police that they were showing profits but at the same time told them that they were unable to pay the dues.
The firms also informed HDFC about a lower amount of loan it took from J&K Bank — while it took a loan of Rs 49.51 crore, it told the HDFC it took only Rs 11.64 crore.
It is said that the Todds claimed to have stocks in hand when actually they did not have any.