Delhi Court remands one-day police custody to accused arrested in Rs 2,397 crore fraud case
Dec 08, 2020
New Delhi [India], December 8 : A Delhi Court on Tuesday remanded one-day police custody to an accused, arrested by Delhi police's Economic Offences Wing (EOW), in connection with allegedly siphoning of public money to the tune of Rs 2,397 crore from Religare Finvest Ltd.
Accused Rajender Prasad Aggarwal shareholder and Director of the companies Tara Alloys Limited and Gurudev Financial Services was arrested by the Economic Offences Wing of Delhi Police on Monday. On Tuesday, he was presented before a magistrate in Tihar Jail, who remanded Aggarwal to one-day police custody.
Earlier Manpreet Singh Suri, a representative of Religare Finvest Ltd (RFL) filed a complaint against Malvinder Mohan Singh, Shivinder Mohan Singh, Sunil Godhwani and others holding key managerial posts and 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.
These companies willfully defaulted in repayments and caused wrongful loss to RFL to the tune of Rs 2,397 crores. This was also pointed out and flagged during their independent audit by RBI and SEBI, EOW alleged.
According to EOW, accused Rajender Prasad Aggarwal was the shareholder and director of the companies Tara Alloys Limited and Gurudev Financial Services and shareholder of Sridham Distributors Pvt. Limited and Annies Apparel Pvt. Limited.
"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," EOW alleged.
Malvinder Mohan Singh and Shivinder Mohan Singh along with three others holding key managerial positions in Religare Finvest Ltd were already arrested and charge-sheeted in the case.
