Talwar Cars Private Limited was booked by Hyderabad city police for allegedly cheating the Central Bank of India.
Recently, the bank’s senior regional manager P. Anup Kumar lodged a complaint with Central Crime Station that on August 7, M/s Talwar Cars Pvt. Ltd., represented by Saket Talwar submitted four separate applications in their Charminar branch for sanction of loans of ₹ 75 lakh each against the quotation of ₹ 95 lakh each under Cent Vehicle Loan Scheme, for purchase of four Volvo XC90 cars for the company director’s personal use. They applied loan for four cars but purchased only two vehicles of the said model and as an alternative, they would give two vehicles of another model and requested to consider taking the documents for another model.
“But the company did not submit separate quotations for the same, nor obtained the bank's permission. It has submitted the Tax invoice for cars purchased and RTO’s Registration Certificates, which were different. They submitted fake invoices, diverted the loan amount and cheated the bank, due to which it suffered a loss of ₹ 2,00,40,000,” police said.
After continuous follow-ups by the bank, M/s Talwar Car Pvt., Ltd., has closed one car loan account on June 4, 2019, and didn’t pay the instalments for the remaining three car loan accounts turned into NPA on February 28, 2020. The Ex-showroom price of the four cars as per the proforma invoices submitted to the bank was ₹ 3,24,60,000 but, as seen from the Tax invoices submitted to the Bank the four cars were purchased for ₹ 2,23,02,215. There is a difference of ₹ 1,01,57,785 which the company misappropriated through the directors,” the officers said.
“For obtaining loans, Sunil Talwar, Saket Talwar, Saral Talwar, Arpita Talwar, Radhika Talwar and Aruna Talwar gave a personal guarantee to secure the car loans. The company submitted a net worth statement as of March 31, 2016, pertaining to all the directors, alleged to have been issued by their Chartered Accountant Srinivas Jawaji,” the copy of the FIR registered against the M/s Talwar Cars Pvt. Ltd
Further, the branch managers Rakesh Singh and Mangesh Barge forwarded the four applications with recommendations to the Regional Office. Accordingly, the Regional Office sanctioned four car loans based on the terms and conditions. “M/s Talwar Car Pvt., Ltd had written two letters each to the bank that they were purchasing four cars, the loan amount ₹3 crore and margin ₹ 20 Lakh was disbursed into dealer’s account after opening four loan accounts in the name of the company, police said.
