Business Standard

Religare's Singh brothers accused by New York investor of siphoning money

The allegations 'are completely baseless and we categorically deny them,' Religare said in an email response

Shivinder Singh, Malvinder Singh
Premium

Shivinder Singh (left), Malvinder Singh

Ari Altstedter | Bloomberg
India’s billionaire Singh brothers, already embroiled in one international legal battle over alleged fraud, are being accused of "diversion, siphoning and digression of assets" by a New York-based investor in a lawsuit filed in the High Court of Delhi.

The lending arm of Malvinder and Shivinder Singh’s publicly traded financial services firm, Religare Enterprises Ltd., made 21 loans to a number of seemingly independent companies that routed at least $300 million back to privately held Singh firms on the same day, according to a central bank investigation of the company’s fiscal 2016 books filed as part of the 700-page suit

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jan 29 2018 | 9:59 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com