The Telegraph
Since 1st March, 1999
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Pendse arrested in Delhi

New Delhi, Feb. 25: A day after the Delhi High Court rejected former Tata Finance managing director D. S. Pendse’s anticipatory bail application, the economic offences wing of Delhi Police nabbed him today for his alleged involvement in “misappropriation” of at least Rs 2 crore from the company’s funds. He had remained elusive for more than five months.

Pendse, however, claimed that he was going to the court to surrender. The police will produce him in a local court tomorrow following interrogation.

The Mumbai-based Tata Finance official has been camping in Delhi for some time with the hope that he would get anticipatory bail.

The Delhi Police had registered a case against Pendse in September, last year, following a complaint that he had “siphoned off” funds worth Rs 2 crore from Tata Finance during his tenure as managing director.

He was charged with cheating, forgery, criminal conspiracy and misappropriation of funds. He was also accused of acquiring Delhi-based Inshallah Investment Limited, a non-banking company, in his name by utilising the funds of TFL.

Pendse is alleged to have issued cheques worth Rs 2 crore to brokers for payment of personal transactions of a former TFL director.

The trial court had issued a non-bailable warrant against Pendse as he was avoiding the proceedings.

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