The Delhi High Court on May 11 granted bail to former Religare group CFO Krishnan Subramanian in a money laundering case worth Rs 2,397 crore. He had reportedly siphoned of public money from Ms Religare Finvest Ltd, for which the Economic Offences Wing of the Delhi Police had arrested him on December 2, 2021.
Justice Chandra Dhari Singh noted that the chargesheet has been filed already and all related evidence is documentary in nature and allowed the bail application by Krishnan Subramanian against a personal bond of Rs 1 lakh with two sureties each of the same amount.
According to the Economic Offences Wing, Manpreet Singh Suri, the AR of Religare Finvest Ltd (RFL), had filed a complaint against Malvinder Mohan Singh, Shivinder Mohan Singh, Sunil Godhwanim, and others holding key managerial posts. He had stated that these people had absolute control over Religare Enterprises Limited (REL) and its subsidiaries, and put Religare Finvest Limited (RFL) in poor financial condition by disbursing loans to companies having no financial standing.
“These companies wilfully defaulted in repayments and caused the wrongful loss to RFL to the tune of Rs 2,397 crores. This was pointed out and flagged during their independent audit by RBI and SEBI,” an EOW said in a statement.
Subramanian was the Group CEO of Religare during 2017-2018, when a loan against a property worth Rs 115 crores was sanctioned as secured loans to three entities and the property documents of Asola land were kept as security with RFL.
Subsequently, these loans were converted to unsecured loans under the Corporate Loan Book portfolio as title deeds of these lands were never submitted to RFL.
According to the prosecution, it was found that the land that was kept as security with RFL under the Facility Agreements had been exchanged without any permission or intimation to RFL, even though the same was mortgaged with RFL.
“It was later found that the subsequent release of property papers was done by accused Krishnan Subramanian.”
(With ANI inputs)
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