BMW India Finance Head Arrested

The Telangana police have arrested Stefan David Schlipf, BMW India's auto finance head following a complaint of cheating by a dealer. Stefan was arrested by the Secunderabad police and taken into custody on Tuesday.

The police produced Stefan in front of a local magistrate on Friday, who ordered a 11-day remand for the BMW India finance head.

North Zone Deputy Commissioner Of Police, R Jayalakshmi said that the arrest was made after a case filed in 2010. The complaint was filed by Viren Choudery, Managing Director, Delta Cars Private Ltd. Choudery filed a case against the BMW finance head after certain malpractices caused Choudery a loss of INR 4 crores.

The Andhra Pradesh and Telangana police had earlier arrested William Scott Pinckney, Amway India's chief executive in regards to a criminal case filed against the company.

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BMW finance is a wholly owned subsidiary of the German owned BMW group. The Finance division operates in three different verticals- retail finance, commercial finance and insurance solutions.

Stefan David Schlipf was the Managing Director of new markets and cooperation management at BMW Financial Services in Munich. Later, he was appointed as head of BMW's auto finance arm in India from April 1 last year.