To leave India, Zenica Group owners posed as ‘weddinggoers’
₹270CR FRAUD Fatherson duo caught from airport 30 minutes before departure of flight to Birmingham in UK
NEW DELHI: Wanted for allegedly duping banks of nearly ₹270 crore, the father-son duo who run the Zenica Group that deals in high-end luxury cars, had reportedly posed as wedding-goers while trying to escape from India, police officials said.
The Delhi Police had registered a case against them on Wednesday and lookout notices were issued by security agencies at airports across the country. Police officials said the two were caught on Thursday at the departure terminal of the Indira Gandhi International (IGI) Airport.
Rash Pal Todd (57) and his son Mandhir Singh Todd (33) — both British citizens of Indian origin — were arrested from the airport around 1am on Thursday, 30 minutes before their flight was scheduled to depart for Birmingham in the UK, said additional commissioner of police (economic offences wing) Suvashis Choudhary.
The father-son duo who run the Zenica Group, which claims to be have established India’s first and largest Audi dealership, have showrooms across Delhi and Gurgaon. The company, according to their official website, employs more than 700 people. The group says it runs at least five Audi and Porsche showrooms.
The duo was arrested based on an FIR filed by HDFC Bank officials with the Delhi Police’s economic offences wing on Wednesday. According to Choudhary, the two had been allegedly forging the company’s balance sheets to avail nearly ₹270 crore loans.
“The Todds have duped two more banks that we have identified. It is also likely that some officials of the HDFC Bank were hand-in-glove with the accused men. We will be investigating the role of the banks as well,” said Choudhary.
Sanjay Sharma, assistant vicepresident of HDFC bank, on whose statement the FIR was registered, refused to comment on the case.
Police had anticipated that the Todds would try to leave the country when the FIR was registering. “We sent our investigators and alerted airport security to prevent the Todds from leaving the country,” said Choudhary.
“When we confronted them, they said they were going to Birmingham to attend a relative’s wedding. They were carrying wedding dresses to make us believe their story,” he said.
When the police informed them they were being arrested, the father-son duo allegedly made a “desperate plea” to be allowed to leave.
“They told us we could arrest them on their return. They claimed their return tickets had been booked for September 6,” said Choudhary.
According to the officer, the father-son duo has allegedly confessed to the fraud. Choudhary said they have the duo in custody for three days and the next course of investigation would be tracing the digital footprints and checking the emails and documents of the Zenica Group to gather evidence of financial wrongdoing. Investigators are conducting raids at the showrooms, offices and homes of the father-son duo, Choudhary said.
“During questioning, the Todds have told us their companies have been availing loans from HDFC Bank since 2008 in the form of cash credit limit, trade advances, term loans and demo cars finance,” said Choudhary.
Hindustan Times mailed a detailed questionnaire to the Zenica Group seeking a response on the allegations. Till late Sunday night, there was no reply.