Loan fraud: Audi cancels dealership of father-son duo

Audi India on Thursday said the dealership owned by a father-son duo have been cancelled

Days, after police registered a case against its two dealers on HDFC loan default, Audi India on Thursday, said the dealership owned by a father-son duo have been cancelled and they were not allowed to undertake any sales bookings or other business dealings.

Rashpal Singh Todd and his son Mandhir Singh Todd, who are British nationals of Indian origin accused of defaulting on a Rs 270 crore loan acquired for using forged documents, were arrested last month while trying to leave India. They owned the Zenica Car Pvt Ltd, which took credit facilities, which the HDFC Bank claimed were availed by submitting forged documents.

The Audi India said Zenica Cars is "no longer" authorised to undertake any sales bookings, collection of money/deposits, after-sales services and/or any other dealings/transactions in the capacity as an Audi authorised dealer". Zenica has four Audi outlets in Delhi and Haryana's Gurugram.

DH had on Monday reported about the arrest of the father-son duo, who deals in Audi and Porsche cars, on a complaint filed by HDFC Assistant Vice President Sanjay Sharma.

The bank approached Delhi Police's Economic Offences Wing (EOW) soon after it came to light that the duo and their companies allegedly 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," according to the HDFC Bank's complaint, cited in the FIR.

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Loan fraud: Audi cancels dealership of father-son duo

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