Business Standard

Delhi Police probing Religare Finvest charges against former promoters

IANS  |  New Delhi 

The Economics Offence Wing of has booked Singh and Shivinder Singh, former promoters of Enterprises Ltd on charges of cheating, criminal conspiracy and breach of trust, a said on Friday.

The FIR was registered on Wednesday following the complaint by Finvest Limited (RFL) against the warring Singh brothers, REL's former CMD and N.K. Ghosal, a and associate of Singh.

The complainant has alleged that the company and its subsidiary Finvest Limited (RFL) have been cheated and its properties worth "hundreds of crores have been misappropriated, siphoned off and diverted through a labyrinth of financial transactions."

A case under various sections of the Indian Penal Code was registered "on the complaint of Religare Finvest (RFL) that Malvinder M. Singh, Shivinder M. Singh and others having control on REL, put RFL in poor financial condition by disbursing loans to entities controlled by them causing loss of Rs 2,397 crore to RFL", the Economic Offences Wing (EOW)of said in a tweet.

"We have registered an FIR and are probing the case as its now at a preliminary stage," an said.

The complainant alleges in the FIR that the Singh brothers, in collusion with co-accused, had "orchestrated the financial scam in or around 2016".

It also accuses the two brothers of hatching "a well thought out and organised criminal conspiracy by which a financial scam of huge magnitude has been effected (sic)."

The complainant has sought tracing and restitution of its properties.

Singh brothers were promoters of REL till February 2018.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, March 29 2019. 10:44 IST