New Delhi: The Economics Offence Wing of Delhi Police has booked Malvinder Mohan Singh and Shivinder Mohan Singh, former promoters of Religare Enterprises Ltd on charges of cheating, criminal conspiracy and breach of trust, a police officer said on Friday.
The FIR was registered on Wednesday following the complaint by Religare Finvest Limited (RFL) against the warring Singh brothers, REL’s former CMD Sunil Godhwani and N.K. Ghosal, a stock broker and associate of Shivinder Mohan Singh.
The complainant has alleged that the company and its subsidiary Religare Finvest Limited (RFL) have been cheated and its properties worth “hundreds of crores have been misappropriated, siphoned off and diverted through a labyrinth of financial transactions.”
A case under various sections of the Indian Penal Code was registered “on the complaint of Religare Finvest (RFL) that Malvinder M. Singh, Shivinder M. Singh and others having control on REL, put RFL in poor financial condition by disbursing loans to entities controlled by them causing loss of Rs 2,397 crore to RFL”, the Economic Offences Wing (EOW)of Delhi Police said in a tweet.
“We have registered an FIR and are probing the case as its now at a preliminary stage,” an EOW officer said.
The complainant alleges in the FIR that the Singh brothers, in collusion with co-accused, had “orchestrated the financial scam in or around 2016”.
It also accuses the two brothers of hatching “a well thought out and organised criminal conspiracy by which a financial scam of huge magnitude has been effected (sic).”
The complainant has sought tracing and restitution of its properties.
Singh brothers were promoters of REL till February 2018.