Three held for Rs.4.2 crore auto loan fraud

New Delhi, Nov 3 (IANS) Three people have been arrested for duping HDFC Bank of Rs.4.2 crore on the pretext of importing Bentley and Lamborghini luxury cars on auto loans, Delhi Police said Saturday.

The accused include Varun Datta, 23, and two of the bank's employees, district selling agent Pawan Sharma and regional sales manager Anuj Bhatia.

They allegedly helped Datta obtain the loans to import the cars on the basis of forged documents.

Dutta was held from his residence in Sarita Vihar Friday.

Datta and his father had approached the bank to avail a loan to purchase a Bentley Continental GT Speed and a Lamborghini Gallardo but did not pay back the outstanding amount, said Deputy Commissioner of Police S.B.S. Tyagi.

"The bank relied upon the representation made by the accused and disbursed two loans of Rs.1.75 crore and Rs.2.45 crore for the purchase of the cars. The documents produced by them showed these registered at an address in Gurgaon," said Tyagi.

According to the police, apart from not paying their dues to the bank, Datta and his father also refused to produce the vehicles for examination.

Later, it was found that the documents submitted by them for import and custom clearance of the cars were forged.

None of the cars were imported and fake custom clearance bills were submitted to cheat the bank, said police.