The Hyderabad police arrested Stefan David Schlipf, MD and CEO of BMW Financial Services in a cheating case filed by a BMW dealer against the German company arm in India.
The complaint was filed by Viren Chowdary of Delta Cars against BMW arm for allegedly causing loss of Rs 4 crore.
The official was arrested by the Trimulgherry police on Thursday at Gurgaon and brought to Hyderabad and produced in a local court on Friday.
He was remanded to judicial custody.
A dealership in Hyderabad had filed a case against the German automotive company in 2010 contending that BMW and its top executives had cheated the dealership causing financial loss.
The BMW representatives had filed a case in a higher court and had got a stay in the proceedings.
However with the matter coming up again, the BMW executive was arrested and produced in the court where he was remanded to judicial custody.
The BMW executive and his team of lawyers are expected to move a bail petition on Saturday.
Published on July 25, 2014
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