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Delhi companys CFO arrested for his role in Rs 300 crore bank fraud

Representational image

Representational image

The Economic Offences Wing (EOW) of the Delhi Police on Friday informed that it has arrested Vaibhav Sharma, the Chief Finance Officer (CFO) of a private firm Zenica Cars Pvt Ltd, for allegedly defrauding banks of Rs 300 crore by forging the firms balance sheets. Zenica is involved in dealership of high-end cars. 


Sharmas arrest took place on Thursday, informed OP Mishra, Joint Commissioner of EOW. The CFO, however, rubbished the reports of his arrest saying, I received anticipatory bail from the Delhi High Court on Thursday. So, I couldn’t have been arrested and refused to comment on the allegations. Mishra, however, said that anticipatory bail only saved Sharma from going to jail and that he was arrested and then let off. 

This is the third arrest in the case, which was first registered in 2018. In September 2018, legal action was initiated against the directors of the company ? Rashpal Singh Todd and Mandhir Singh Todd – leading to their arrest at IGI airport just as they were about to board a flight to the United Kingdom. The Todds are British citizens of Indian origin. 

In 2007, the Todds had approached HDFC Bank situated at Bahadurshah Zafar Marg in Delhi for financial help. Till March 2018, the Todds were working as per the law, but after that they took the illegal route. In June 2018, when officials from that bank visited the showroom, they found out that there were only 29 cars in the showroom that was supposed to house 200 cars. The bank also found out that the balance sheets had been manipulated to dupe the bank of Rs 102 crore. It was also found that the company duped other banks in the similar fashion taking the total cheated amount to a whopping Rs 300 crore. The alleged fraud even involved selling demo cars without no-objection certificates and misappropriating loan amounts.

After, HDFC filed a complaint against the private firm, a case of cheating and forgery was registered against Sharma and the company directors. Police investigations have revealed that Sharma had forged statements from the bank, which showed that the company was suffering losses for consecutive four years although their balance sheets showed decent profits.

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Deaf and dumb students put up scintillating show at Radio Mirchi’s ‘Utsav @ Zero Mile’ in Nagpur

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Radhika Dhawad | Photographer : Anurag Raut | Nagpur

Amid heavy rains, Nagpur citizens drenched themselves in patriotism during ‘Utsav @ Zero Mile’ organised by Radio Mirchi on Sunday, August 14. What made the event all the more special was when several deaf and dumb students of Deaf and Dumb School, Shankar Nagar, gave a splendid performance on national anthem that reverberated patriotic fervour. Apart from them, students from Delhi Public School also left people completely mesmerised with their incredibly soothing performance with various musical instruments.

Ex-Indian Idol contestant from the city Kaivalya Kejkar regaled the audience with songs including ‘Maula Mere Lele Meri Jaan’ from Chak De! India.

Also read:RSS Chief Mohan Bhagwat hoists national flag at Nagpur headquarters

 

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Nagpur News

Kids in Nagpur walk ramp in khadi outfits during Azadi Ka Amrit Mahotsav

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Radhika Dhawad | Photographer : Nitin Mankar | Nagpur

In a rare yet commendable initiative, kids walked the ramp in outfits made in Khadi by designer Durgesh Dixit during Khadi Pride. The ramp walk took place at Sugandh Sabhagruha in Nagpur on Sunday, August 14 in the presence of Central Member of Khadi & Village Industries Commission, Micro Small & Medium Enterprises Jaiprakash Gupta. 

Also read:India’s biggest tribal health project launched in Nagpur; over 10,000 to be screen across Vidarbha

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Governance

India’s biggest tribal health project launched in Nagpur; over 10,000 to be screen across Vidarbha

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Radhika Dhawad | Photographer : Anurag Raut | Photographer : Nitin Mankar | Nagpur

Maharashtra University of Health Sciences (MUHS) along with the Tribal Development Department in Nagpur launched BLOSSOM that was recently inaugurated by Union Minister Nitin Gadkari. 

BLOSSOM is an initiative that has been launched to reach out to the remotest tribal villages in districts of Chandrapur, Gondia and Gadchiroli in Maharashtra and screen the people for non-communicable diseases and plan suitable interventions.

Launched at Hotel Centre Point Hotel on World Tribal Day, the initiative BLOSSOM stands for: Breast cancer, Liver and lifestyle diseases, Osteoporosis, Sickle cell, Sexually transmitted infections, and Malnutrition.

Around 22 teams would screen a population of 10,000 tribal people across remote villages in the coming three months.

Also read:Nagpur’s Futala Lake comes alive with chants of Bharat Mata Ki Jai on Independence Day

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