BMW Finance Head India, Stefan Schlipf, Gets Bail In Cheating Case

Managing Director of BMW Financial Services India, Stefan Schlipf who was arrested for cheating was granted bail by the local court.

Dr. Stefan Schlipf was arrested by Hyderabad Police in connection with a lawsuit filed by Delta Cars. Being a reputed global company, BMW Group has very strict compliance guidelines and processes.

BMW have mentioned in a statement that BMW Group India or any of its Directors have not been engaged in any wrongdoings and the company is taking necessary legal action.

Also Read: BMW India Finance Head Arrested

The complaint was filed by Delta cars, a BMW dealer in Hyderabad. They were operational from June 2007 to December 2009. The dealership's agreement expired on December 31, 2009 due to absence of further term renewal. As a consequence, Delta Cars filed a case in 2010 against BMW India Private Limited.

Schlipf was appointed as the Managing Director of BMW Financial Services India Private Limited on the 14th of April. Schlipf was not present in India during the time of dispute with the Hyderabad-based dealer Delta Cars.

The Dealer Council of BMW Group India has mentioned in a separate statement that it strongly objected the arrest of Schlipf, the Managing Director.

The Dealer council of BMW India stands united on this issue of Schlipf's arrest and is in complete consensus with Schlipf and BMW Financial Services India, the council further added.

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