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DELHI EOW NABS BIG FISH MANINDER SINGH AND NARENDER GOUSHAL ON SHIPHONING PUBLIC MONEY OF 2397 CRORES OF RELIGARE FINVEST

October 27, 2020 02:55 PM

MANINDER SINGH, EX-DIRECTOR, EX-CEO, EX-CHIEF BUSINESS OFFICER & KEY MANAGERIAL PERSONNEL OF RELIGARE GROUP AND NARENDRA KUMAR GOUSHAL, PROMOTER DIRECTOR/SHAREHOLDER OF M/S ARCH FINANCE LTD, A STOCK BROKER FIRM, ARRESTED IN CONNECTION WITH SHIPHONING OF PUBLIC MONEY TO THE TUNE OF RS. 2397 OF M/S RELIGARE FINVEST LTD 

Maninder Singh
Narendra Kumar Goushal
New Delhi (Face2News)

Economic Offences Wing (EOW), Delhi Police has arrested Maninder Singh S/o Sh. Sangat Singh, Age 56 years, R/o S-181, Greater Kailash-II, Delhi, Ex-CEO of M/s Religare Enterprises Ltd and Narendra Kumar Goushal S/o Late U.C. Goushal, Age 56 years R/o H.No. 47, Sector-7A, Faridabad, Haryana, Promoter Director of M/s Arch Finance Ltd in case FIR No 50/19 of PS EOW on shiphoning of Rs. 2397 crores public money of M/s Relegare Finvest Ltd. 

Dr. O.P. Mishra, IPS, Joint Commissioner of Police, Economic Offences Wing, New Delhi , said  Mr. Manpreet Singh Suri, AR of Religare Finvest Ltd (RFL) filed complaint against Malvinder Mohan Singh, Shivinder Mohan Singh, Sunil Godhwani and others holding key managerial posts that the alleged persons having absolute control on Religare Enterprises Limited (REL) and its subsidiaries put Religare Finvest Limited (RFL) in poor financial condition by way of disbursing the loans to the companies having no financial standings. These companies willfully defaulted in repayments and caused wrongful loss to RFL to the tune of Rs. 2397 Crores. This was also pointed out and flagged during their independent audit by RBI and SEBI. 

Maninder Singh was the Director and CEO of Religare Group during the year 2017and was part of larger criminal conspiracy with Malvinder Mohan Singh and Shivinder Mohan Singh, Promoters of Religare Group. He was member of the Risk Management Committee (RMC) for disbursement of Loans of Corporate Loan book. Maninder Singh and Kavi Arora sanctioned & disbursed 13 Corporate Loans amounting to Rs. 700 Crore approximately to sham entities resulting in ultimate pecuniary benefit to promoters of Religare Group camouflaged through the books of sham entities. He had also remained Chief Business Officer (CBO) of Religare Group.

Dr. O.P. Mishra, IPS, Joint Commissioner of Police, Economic Offences Wing, New Delhi , said  Mr. Manpreet Singh Suri, AR of Religare Finvest Ltd (RFL) filed complaint against Malvinder Mohan Singh, Shivinder Mohan Singh, Sunil Godhwani and others holding key managerial posts that the alleged persons having absolute control on Religare Enterprises Limited (REL) and its subsidiaries put Religare Finvest Limited (RFL) in poor financial condition by way of disbursing the loans to the companies having no financial standings. These companies willfully defaulted in repayments and caused wrongful loss to RFL to the tune of Rs. 2397 Crores. 

Narendra Kr. Goushal is a Promoter Director & majority shareholder of M/s Arch Finance Ltd, M/s Decent Financial Services Ltd and M/s Nishu Finlease Pvt Ltd. He is the person who facilitated the financial transactions between M/s Religare Finvest Ltd and the sham entities. A substantial chunk of loan amounts disbursed to sham borrower entities ultimately landed in the bank accounts of companies controlled & managed by Narendra Kr. Goushal and his associates.

INVESTIGATION: After preliminary enquiry, a case vide FIR No. 50/19 dated 27.03.2019 U/s 409/420/120-B IPC PS EOW, New Delhi was registered and investigation taken up under the leadership of DCP/EOW and close supervision of Amardeep Sehgal, ACP/EOW.

In view of sufficient incriminating evidence on record, Malvinder Mohan Singh and Shivinder Mohan Singh along with three others holding Key Managerial Positions in M/s Religare Finvest Ltd were already arrested and charge-sheeted. Investigation qua the role of other Key Managerial Officials including Maninder Singh, Ex-CEO of Religare Group & officials of entities through which money was routed & re-routed for diversion/misappropriation of public money was in progress.

MODUS OPERANDI: A Corporate Loan Book (CLB) was created since beginning of RFL business in the year 2008 primarily for the purpose of utilizing funds at the disposal of promoters. This was done to facilitate loan primarily unsecured and also through investment route in a systematic manner. The modus operandi had been inter-corporate loans to various companies under the control of promoters themselves (directly or indirectly) through which the funds were routed to the companies owned by the promoters being ultimate beneficiaries. The funds were primarily used in Real Estate business where properties were purchased and diverted to promoter company RHC Holding Pvt. Ltd. to square off the liabilities of various borrowings. The alleged persons in connivance with the promoters of company systematically siphoned off and diverted money of general public in a clandestine manner for their own benefit. 

ARREST: A team led by ACP Amar Deep Sehgal consisting of Insp. Sanjeev Dhodi, SI Chetan Mandia, SI Ashwani, SI Gaurav, ASI Jai Pal Singh and Ct. Lalit under the overall supervision of Mohammed Ali, DCP/EOW arrested Maninder Singh and Narendra Kr. Goushal on Tuesdsy.Further investigation of the case is in progress.

 
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