Religare fraud: What led to Singh brothers' arrest in the Rs 2,400-cr case



Former promoters of pharma major Ranbaxy, hospital chain Fortis and financial services firm Religare - Malvinder Mohan Singh and his younger brother Shivinder Mohan Singh - were arrested by the Economic Offences Wing (EoW) of Delhi Police after some high octane drama for allegedly causing wrongful loss worth Rs 2,397 crore to Religare Finvest Ltd. Shivinder was nabbed in the afternoon, while his elder brother Malvinder was arrested in Ludhiana (Punjab) late night after a brief search.
Along with the Singh brothers, the police also arrested former Religare Finvest MD Kavi Arora, and former Religare Group CFO Anil Saxena along with former Religare MD Sunil Godhwani.
A statement issued by the EOW said, "The alleged persons having absolute control on Religare Enterprises Limited (REL) and its subsidiaries put Religare Finvest Limited (RFL) in poor financial condition by way of distributing the loans to the companies having no financial standing and controlled by the alleged persons. These companies wilfully defaulted on repayments, causing a loss to RFL to the tune of Rs 2,397 crore." Read More



Article Source -> Business Standard

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