New Delhi: The Economic Offences Wing of Delhi Police arrested group CEO in Religare Enterprises limited in connection with siphoning off public money of over Rs 2,300 crore, officials said on Thursday. The accused has been identified as Krishnan Subramanian, a resident of Rohini in north west Delhi, they said. Subramanian was the group CEO of REL in 2017 and 2018.
According to police, Manpreet Singh Suri, AR of Religare Finvest Ltd (RFL), filed a complaint against Malvinder Mohan Singh, Shivinder Mohan Singh, Sunil Godhwani and others, alleging that they put RFL in poor financial condition by disbursing bad loans to companies with no financial standings.
A loan against property worth Rs 115 crore was sanctioned as secured loans to three entities — Best Health Management Pvt Ltd, M/s Vitoba Realtors Pvt Ltd and Devera Developers Pvt Ltd — vide three separate loan facility agreements, and property documents of Asola land was kept as security with RFL, they said.
Subsequently, these loans were converted to unsecured loans as title deeds of these lands were never submitted. Later, it was found that the land had been exchanged without any permission or intimation to RFL, a senior police officer said. Subramanian had signed off on this paperwork.