The Economic Offences Wing (EOW) of the Delhi Police on September 25 arrested two people in connection with diversion and misappropriation of Religare Finvest's (RFL) funds worth around Rs 729 crore.
The accused, who held senior positions at Lakshmi Vilas Bank (LVB) where RFL had placed its funds in fixed desposits (FDs), have been identified as Pradeep Kumar (57) and Anjani Kumar Verma (48).
According to the EOW, they colluded with the former promoters of Religare Enterprises (REL), Malvinder Mohan Singh and Shivinder Mohan Singh.
A case was registered after Manpreet Singh Suri of RFL filed a complaint with the EOW against the Singh brothers and their companies RHC Holding Ltd and Ranchem Pvt Ltd, and Lakshmi Vilas Bank (LVB) and its then directors/employees.
"It was alleged (in the complaint) that in November 2016, RFL placed an amount of Rs 400 crore in two fixed deposit (FDs) with LVB. These FDs were created by RFL for short-term tenor with intention to keep them free from all and any encumbrance. Thereafter, in January 2017, RFL placed an additional amount of about Rs 350 crore in another couple of FDs with LVB. Like with the first 2 FDs, these 2 FDs were also created by RFL for short-term tenor with the intention to keep them free from all and any encumbrance," the EOW said in a statement.
"However, on 31.07.17, RFL was shocked to receive an email from LVB with the statement of accounts with respect to RFL’s current account. RFL discovered that LVB had credited the proceeds of the FDs to RFL’s current account and subsequently debited from RFL’s current account cumulative amount of Rs 7,23,71,50,920/- without any prior intimation to RFL. Therefore, LVB and the other accused persons had come to an understanding for onward lending of RFL’s funds," it added.
Malvinder and Shivinder Singh, who had been arrested by the EOW last December, have been in judicial custody.Earlier this year, the Enforcement Directorate (ED) on January 10 filed a chargesheet against the Singh brothers before a Delhi court in the said case. The probe agency has accused them of money laundering punishable under Sections 3 and 4 of the Prevention of Money Laundering Act.