Gurugram: 2 booked for fraudulently taking loans worth crores of rupees

Police here booked two directors of a luxury car showroom for fraudulently taking loan worth crores of rupees using three luxury cars.

According to the complaint filed by Jeebu Joseph, branch manager of The South Indian Bank Limited, Gurgaon Sector 23 that Zenica Cars India Pvt. Ltd, located on Golf Course road and an authorised dealer of Audi cars are enjoying three car loans from our branch under one banking arrangement.

All three loans were disbursed in 2017. Rashpal Singh Todd and Mandhir Singh, the directors of the borrower company had joined the documents as guarantors to all the three loans. However, the account was classified as non performing asset (NPA) in 2018, it said.

"On further enquiry, while scrutinising the list of entities uploaded in Central Fraud Registry [CFR] for the month of September 2018, we had observed that HDFC Bank had classified M/s Zenica Cars India Pvt. Ltd as fraud," the complaint read

"Accordingly, an investigation was conducted in the branch it is evident that M/s Zenica Cars India Pvt. Ltd availed three car loans for the purchase of three demo cars from our branch, but the said cars are not found available for verification," it said.

However, the data provided in the VAHAN portal of Ministry of Road Transport Highways, showed that the three cars were still owned by the borrower company with hypothecation marked in favor of the HDFC bank, it said, adding that Audi India confirmed that they have not sold the vehicles to the borrower with chassis numbers and engine numbers as mentioned in the registration certificate (RC).

"Thus it is observed that the borrower after availing three car loans, registered the vehicles with RTO office by providing fake chassis numbers and engine numbers with malafide intention to defraud the bank," the complaint read.

Following the complaint an FIR has been registered against duo car dealers under sections 420 (cheating), 467 (forgery of valuable security), 468 (forgery for purpose of cheating), 471 (using forged document), 120-B (criminal conspiracy) of IPC at Palam Vihar police station.

Police said that the probe is on and the accused will be nabbed soon.