2 Gurgaon Firms Duped Bank For Rs 120 Crore Loans With Fake Papers: Cops

Loan Fraud: The police complaint also said the companies claimed to have stocks in hand when actually they did not have any.

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2 Gurgaon Firms Duped Bank For Rs 120 Crore Loans With Fake Papers: Cops

Accused companies were enjoying credit facilities from other banks, says police complaint. (File)


New Delhi: 

A case has been registered against two companies for allegedly taking loans to the tune of Rs 120 crore from HDFC Bank by submitting fake documents, police said on Saturday.

According to a police complaint filed with the Delhi Police's Economic Offences Wing in the case, the companies owned by Rash Pal Singh Todd and Mandhir Singh Todd got loans to the tune of around Rs 120 crore using fake documents.

"The Todds are people of Indian origin. The fact that they furnished fake forged documents came to light during the physical comprehensive stock audit and verification of the various documents which were submitted to the bank by the accused," the police complaint said.

"The accused submitted balance sheets that showed profits even though the companies had been running in losses for the last four years," it added.

The police complaint also said the companies claimed to have stocks in hand when actually they did not have any.

It said the accused companies were enjoying credit facilities from other banks as well and that this had been going on since March this year.

The police complaint was filed following a complaint by the bank's Assistant Vice President Sanjay Sharma on Thursday, the police said.

According to the complaint, the two companies deal in high-end luxury cars from their showroom and office in Guragon's Sector 53.



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