The the Economic Offence Wing of the Delhi Police on Thursday arrested former Ranbaxy and Fortis Healthcare promoter Shivinder Mohan Singh and three others in an alleged fraud case of disbursal of loans and causing loss to Religare Finvest Limited (RFL) to the tune of Rs 2,397 crore.
Kavi Arora (48), Sunil Godhwani (58) and Anil Saxena (51) too were arrested for allegedly diverting money and investing in other companies. A lookout circular has been issued for Shivinder’s brother Malvinder Singh.
According to OP Mishra, Additional Commissioner of Police, EOW, “A complaint was filed by Manpreet Singh Suri of Religare Finvest Limited (RFL) against Malvinder, Shivinder, Sunil Godhwani and others alleging that loans were taken by Singh while managing that firm but the money was invested in other companies”.
“The complainant said the persons put RFL in poor financial condition by way of disbursing loans to companies having no financial standing and controlled by the alleged persons,” said Mishra.
“These companies willfully defaulted in repayments and caused wrongful loss to RFL to the tune of Rs. 2397 crore. This was also pointed out and flagged during their independent audit by RBI and SEBI, said Dr Mishra.
“The accused Shivinder Mohan Singh was the promoter of Religare Enterprises Ltd. which is the listed company having 85 per cent share holding of RFL, while accused Sunil Godhwani, remained Chairman and Managing Director of the Religare Enterprises Limited during the relevant period, Kavi Arora and Anil Saxena also occupied important managerial positions in REL and RFL during the same time,” said Dr Mishra. “The accused systematically siphoned off and diverted money of general public in a clandestine manner for their own benefits,” said Dr Mishra.
It may be noted that the Enforcement Directorate had raided the premises linked to the two brothers in August this year in connection with a money-laundering case. The action was being seen in the backdrop of charges of alleged financial irregularities against the two brothers and the subsequent downfall of their businesses.