The Economic Offences Wing (EOW) of Delhi Police has nabbed two former employees of a bank for misappropriation of fixed deposit receipts of ‘Religare Finvest Limited’ company by Malvinder and Shivinder Mohan Singh to the tune of Rs 729 crores.
The accused have been identified as Pradeep Kumar (57), a resident of Inderpuri and ex-regional head of RMG-Corporate Group of Lakshmi Vilas Bank and Anjani Kumar Verma (48), a resident of Noida and former Assistant Vice President of RMG-Corporate Credit.
According to Dr O P Mishra, the Joint Commissioner of Police, EOW, Manpreet Singh Suri of Religare Finvest Ltd (RFL) filed complaint at EOW against Malvinder Mohan Singh, Shivinder Mohan Singh and their companies RHC Holding Ltd, Ranchem private Ltd and Lakshmi Vilas Bank (LVB) and it's the then directors and employees.
“It was alleged that in November 2016, RFL placed an amount of Rs 400 crores in two fixed deposits (FDs) with LVB. These FDs were created by RFL for short term tenor with the intention to keep them free from all and any encumbrance. Thereafter, in January 2017, RFL placed an additional amount of about Rs. 350 crore in another couple of FDs with LVB. Like with the first two FDs, these two FDs were also created by RFL for short term tenor with the intention to keep them free from all and any encumbrance,” said the Joint CP.
“However, on in July 2017, RFL was shocked to receive an email from LVB with the statement of accounts with respect to RFL’s current account. RFL discovered that LVB had credited the proceeds of the FDs to RFL’s current account and subsequently debited from RFL’s current account cumulative amount of Rs. 7,23,71,50,920 without any prior intimation to RFL,” said the Joint CP.
“A case under relevant sections of Indian Penal Code (IPC) was registered. The accused Malvinder and Shivinder were arrested and charge-sheets stand filed in the court. They are still in judicial custody. Further, investigation was proceeded with respect to role of officials of Lakshmi Vilas Bank Ltd,” said the Joint CP.
“During investigation, grave irregularities and flouting of rules and regulations by officials of LVB in sanctioning of loans were noticed. It also emerged that bank officials in collusion with promoters Malvinder Mohan Singh and Shivinder Mohan Singh of REL deliberately and knowingly did not complete the formalities which are mandatory for the loan transaction to benefit the promoters or accused by extending loan to the entities which the promoters/accused persons used to square of their liabilities,” said the Joint CP.
“There is no document as per requirement of the bank itself on record which established that these are the loans against the security/FDRs of RFL. It has emerged that the loan was required by promoters of REL as well as RHC Holding Pvt. Limited to square off the liabilities and borrowing of RHC Holdings Limited and Ranchem Private Limited,” said the Joint CP.
“Pradeep Kumar and Anjani Kumar Verma were arrested for knowingly not completing the mandatory loan formalities just to benefit the accused by extending loan to the entities which the accused persons used to square off their liabilities,” the Joint CP added.