Delhi: Ex-Religare Krishnan Subramanian held in connection with siphoning of over Rs 2,300 cr

The Economic Offences Wing of Delhi Police has arrested Krishnan Subramanian, former group CEO of Religare Enterprises Limited in connection with siphoning of public money to the tune of Rs 2,397 crores of Ms Religare Finvest Ltd.

According to the statement by the Economic Offences Wing, Manpreet Singh Suri, AR of Religare Finvest Ltd (RFL) filed a complaint against Malvinder Mohan Singh, Shivinder Mohan Singh, Sunil Godhwani and others holding key managerial posts that the alleged 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 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," the statement said.

The accused Krishnan Subramanian was the Group CEO during 2017-18. A loan against property worth Rs 115 crores were sanctioned as secured loans to three entities and the property documents Asola land was kept as security with RFL, it said.

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.

Later on, it was found that the land which 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, the statement said.

"It was later found that the subsequent release of property papers was done by accused Krishnan Subramanian," it added.

A case under sections 409/420/120-B IPC has been registered.

Malvinder Mohan Singh and Shivinder Mohan Singh along with other with three others holding Key Managerial Positions at RFL were already arrested and charge-sheeted.

Further investigation of the case is in progress.

( With inputs from ANI )