EOW arrests former CEO of REL in connection with siphoning of funds

new delhi: The Economic Offences Wing (EOW) of Delhi Police has arrested 56-year-old Maninder Singh, former CEO of Religare Enterprises limited in connection with shiphoning of public money to the tune of Rs 2,397 crore. Police said that during investigation they also nabbed one Narendra Kumar Goushal (56) director of a company named Arch

Finance Ltd.

Joint Commissioner of Police (EOW) OP Mishra said that Manpreet Singh Suri, official from Religare Finvest Ltd (RFL) filed a complaint against one Malvinder Mohan Singh, one Shivinder Mohan Singh, one Sunil Godhwani and others holding key managerial posts stating that the alleged persons having absolute control on Religare Enterprises Limited (REL) and its subsidiaries put Religare Finvest Limited in a 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 crore.

"This was also pointed out and flagged during their independent audit by RBI and SEBI. Maninder Singh was the Director and CEO of Religare Group during the year 2017and was part of larger criminal conspiracy with Malvinder Mohan Singh and Shivinder Mohan Singh, Promoters of Religare Group," he said. He was member of the risk management committee (RMC) for disbursement of loans of corporate loan book.

Maninder Singh and one Kavi Arora sanctioned and disbursed 13 corporate loans amounting to Rs 700 crore approximately to sham entities resulting in ultimate pecuniary benefit to promoters of Religare Group camouflaged through the books of sham entities. "Narendra Goushal was the person who facilitated the financial transactions between Religare Finvest Ltd and the sham entities," police said.