Car dealer had taken credit worth Rs 29 crore from HDFC Bank and BMW for BMW cars and auto parts.
A car dealer was recently arrested by Delhi Police for duping HDFC bank and BMW Financial Services. He had taken credit worth 29 Crores from the bank and the company.
According to Police, Mr. Vikas Chawla, the car dealer has misappropriated the money. He was supposed to deposit the money to the bank that he would have got from the cars' sales but he failed to do so. The wife of the suspect is also being investigated by the police. The car dealer has been named in some earlier scam and was arrested by CBI as well.
Vikas is the owner of the company, Autoweb Performance Car Pvt ltd and has taken credit of 15 Crores for cars as well as a credit of 15 Crores for cars' parts. He also took credit from BMW financial services for the inventory funding in his company. On inspection, only 2.35 crores are found with the car dealer.
According to the police, forged bank statements were submitted by the suspect to the BMW financial services. He has taken the loan from the bank on the false assurance that the proceeds of the sales will be deposited in the bank.