The Economic Offences Wing of Delhi Police has arrested a former Group CEO of Religare Enterprises Limited in connection with siphoning off public money of over Rs 2,300 crore, officials said. The accused has been identified as Krishnan Subramanian, a resident of Rohini in north west Delhi, they said.
According to police, 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, alleging that these people having absolute control on Religare Enterprises Limited (REL) and its subsidiaries put RFL in poor financial condition by way of disbursing loans to companies having no financial standings.
These companies willfully defaulted in repayments and caused wrongful loss to RFL to the tune of Rs 2,397 crore. This was also pointed out and flagged during their independent audit by RBI and SEBI, police said.
Subramanian was the Group CEO of REL during 2017-2018. A loan against property worth Rs 115 crore was sanctioned as secured loans to three entities — Best Health Management Pvt Ltd, M/s Vitoba Realtors Pvt Ltd and Devera Developers Pvt Ltd — vide three separate loan facility agreements, and property documents of Asola land was kept as security with RFL, they 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…