India’s top dealers for Audi and Porsche were arrested at the New Delhi airport on Friday (31 Aug 2018) as they were waiting to fly out of the country for allegedly defaulting on a Rs 270 crore (about US$380m) loan.
Rash Pal Singh Todd and Mandhir Singh Todd, Indian born who are now British nationals, owns the Zenica Group.
The Dehli police’s economic wing arrested the duo after Indian financial institution HDFC Bank filed a complain of forgery and cheating against them on Aug 29, reported TNN.
The report quoted unnamed sources as saying that Zenica is the largest dealer of Audi and Porsche in India, earning more than Rs 500 crore from sales and service every year. It sells 140 Audi cars and 18-20 Porsche cars monthly, on average, accounting for a fifth of Audi India’s total sales.
Rashy, as he is known in some circles, is the Managing Director of Zenica Group which was started in 2006.
He was the youngest Dealer Principal at Volvo UK and went on to become the MD for various dealerships of Mitsubishi, Suzuki, Kia and Citroen over the past 30 years. He has won Volvo’s Annual Sales Campaign every year from 1983 to 2004, according to his profile at an enterprise portal.
He then moved into the Indian market and became the first official dealer for Audi in 2008 and Porsche in 2014.
Under the Zenica Group, he had set up three iconic showrooms – Audi Gurgaon, Audi Delhi Central and Audi Approved Plus.