LI NETWORK
Delhi Dist Court has granted one-day police custody to Economic Offences Wing (EOW) of an accused arrested for alleged fraud of Rs 2,397 crores with Religare Finvest Ltd.
Recently, the Delhi Police special wing of Economic Offences had arrested Director of Tara Alloys Limited and Gurudev Financial Services.
Delhi Police EOW has started its investigation after receiving Religare Finvest Ltd (RFL) complaint against Malvinder Mohan Singh, Shivinder Mohan Singh, Sunil Godhwani and others holding key managerial posts.
Religare Ltd alleged that these persons having absolute control on Religare Enterprises Limited (REL) and its subsidiaries put Religare Finvest Limited (RFL) in poor financial condition by way of disbursing the loans to the companies having no financial standings.
As per Religare, these companies willfully defaulted in repayments and caused wrongful loss to RFL to the tune of Rs 2,397 crores.
EOW said,”In the said companies, the amount to the tune of Rs 676 crores was diverted in the year 2016-17 and was part of larger criminal conspiracy with Malvinder Mohan Singh and Shivinder Mohan Singh, Promoters of Religare Group”.
“He was involved with Stock Broker Narendra Kumar Ghoushal who has already been arrested. In conspiracy with Narender Kumar Ghoushal the amount received in his companies was further routed and re-routed into sham entities resulting in ultimate pecuniary benefit to promoters of Religare Group camouflaged through the books of sham entities,”.
Economic Offences Wing submitted to the court that during their independent audit by RBI and SEBI, these companies willfully defaulted in repayments and caused wrongful loss to Religare.
Source- ANI