Modular Mining, headquartered in Tucson, Arizona, U.S.A., is a privately held company that develops, manufactures, markets, and services mining equipment management systems.
The Economic Offences Wing FIR against the Singh Brothers in the Religare Group fraud case shows their chicanery and duplicity. It points out to how Modland, Platinum, Prius and ANR entities controlled by Shivinder Mohan Singh (SMS) and Malvinder Mohan Singh (MMS) acted as a single economic entity.
The Singh Bros Malvinder Mohan Singh (MMS) and Shivinder Mohan Singh (SMS) were the key forces behind the Rs 3,000 crore Religare Group fraud, stripping Religare Finvest Ltd (RFL) and their other group companies through a carefully-crafted system of loans to various companies, which were diverted to other intermediary firms the duo controlled.
Singh Brothers Malvinder Mohan Singh (MMS) and Shivinder Mohan Singh (SMS) were the lynchpins in the Rs 3,000 crore Religare Group fraud.
Asset stripping is something that Indian promoters have perfected into an art form. For years, the Singh Bros - Malvinder Mohan Singh (MMS) and Shivinder Mohan Singh (SMS) have got away with the proverbial blue murder and finally their luck ran out with their recent arrest. The width and depth of the architecture of their fraud is gargantuan. The FIR against the duo along with erstwhile CEO Sunil Godhwani provides details of the modus operandi of the systematic asset stripping. Moreover, it once again throws into stark relief the fact that regulatory oversight failed and the company which saw an inspection as far back as 2010 managed to operate under the radar, continuing with innumerable irregularities without any fear.