The Economic Offences Wing of Delhi Police has arrested Zenica Group CFO Vaibhav Sharma on the charge of duping a bank of approximately Rs 300 crore, a senior police officer said on Friday. The said company allegedly obtained credit facilities and trade advances and loans for buying demo cars but sold them without obtaining NOCs and thus misappropriated the money.

An authorised representative of HDFC Bank alleged that Rashpal Singh Todd and Mandhir Singh Todd, Directors of Zenica Cars India Pvt Ltd and Zenica Performance Cars Pvt Ltd, and Sharma duped the bank's Bahadurshah Zafar Marg branch of around Rs 102 crore after approaching it in 2007 for loans.