New Delhi: The Financial Offenses Wing (EOW) of the Delhi Police has arrested Vaibhav Sharma, the Chief Finance Officer (CFO) of the non-public agency Zenica Automobiles India Pvt for allegedly defrauding HDFC and different banks to the tune of Rs 300 crore.
HDFC Bank had alleged embezzlement of Rs 102 crore in opposition to Zenica Automobiles India Pvt then CFO Vaibhav Sharma. Following the criticism of HDFC Financial institution, the investigation on the case was expedited.
In accordance with EOW officers, accused Vaibhav Sharma took over the finance of this firm (Zenica Automobiles India Pvt) within the 12 months 2007. The corporate dealt in promoting of Audi vehicles and offering finance to consumers.
HDFC Bank officers alleged that every little thing was going nicely until 2018, nevertheless when the financial institution officers visited the showroom suspecting forgery and dishonest, they discovered that there have been solely 29 vehicles within the showroom that was supposed to deal with 200 vehicles. Quickly after, the financial institution filed a case of dishonest and forgery in opposition to Sharma and two others with the police.
Police investigation additionally revealed that Vaibhav Sharma, whereas holding his CFO put up, reported 4 consecutive years of losses within the firm’s account, whereas in response to the stability sheet, this firm was making respectable income.
The corporate took a mortgage from HDFC financial institution alone and defrauded it of Rs 102 crore. Two accused have already been arrested on this case. Sharma, together with the opposite two arrested individuals have been accused of defrauding a consortium of banks of 300 crore.