Car dealer caught for Rs 29-crore fraud in Delhi | Delhi News – Times of India


NEW DELHI: Delhi Police’s Economic Offences Wing has arrested a car dealer on charges of duping HDFC bank and BMW Financial Services by availing cash and credit facilities worth Rs 29 crore.
Police said that the accused Vikas Chawla was supposed to deposit the proceeds from sale of vehicles with the bank, but misappropriated the money. The suspect’s wife is also being investigated. Chawla was earlier arrested in the UPPCL-PF scam investigated by CBI.
“In a complaint, HDFC Bank reported that the accused, through his company M/s Autoweb Performance Car Pvt Ltd, had taken credit facilities of Rs 15 crore for purchase of vehicles) and cash credit limit for purchase of vehicle parts of Rs 1.5 crore,” additional commissioner R K Singh said.
Subsequently, the suspect had also taken the credit facility from BMW Financial Services Ltd to the tune of Rs 12.5 crores for inventory funding. “Chawla misappropriated the sale proceeds and only Rs Rs 2.35 crores was found with the accused company on inspection,” Singh added.
The complaint of BMW Financial Services was also received in Economic Offences Wing and is being investigated.
Police said the accused had allegedly forwarded forged bank statements of HDFC Bank to BMW Financial Services, in order to show that funds received from them were being properly utilised.
“The accused had mortgaged the unsold inventory of vehicles with the financial institutions and obtained a loan on the false assurance that the sale proceeds shall be deposited in the designated bank account. However, he misappropriated the sale proceeds of vehicles to the tune of Rs 26.5 crore and also prepared forged documents,” the additional commissioner added.
Efforts are being made to recover the mortgaged vehicles or assets purchased through the misappropriated amount.

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