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ED arrests Former Religare Promoter Shivinder Singh

Shivinder Singh was in judicial custody after the Delhi Police's Economic Offences Wing had arrested him and others recently. A Delhi Court had on Thursday rejected his bail plea in this police case. The ED had earlier arrested Shivinder Singh's brother Malvinder Mohan Singh in this case.

ET Bureau|
Updated: Dec 13, 2019, 06.48 AM IST
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New Delhi: The Enforcement Directorate arrested Shivinder Singh, former promoter of Religare Enterprises Ltd., in connection with its probe into the misappropriation of funds from Religare Finvest.

Singh’s brother Malvinder Singh and former Religare Enterprises CMD Sunil Godhwani have already been arrested by the agency. They face charges of cheating, criminal conspiracy and criminal breach of trust.

Shivinder Singh will be produced before a local court on Friday, when the ED will seek his custodial interrogation. Earlier on Thursday, a local court rejected his bail plea.

The Singh brothers had been arrested by the Delhi Police’s Economic Offences Wing in October.

The case, registered on a complaint of a senior Religare manager, also named NK Ghoshal, a stockbroker and an associate of the Singh brothers. It was alleged that the company and its subsidiary Religare Finvest were cheated and properties worth “hundreds of crores have been misappropriated, siphoned off and diverted through a labyrinth of financial transactions.”

The Singh brothers, in collusion with the co-accused, “orchestrated the financial scam in or around 2016,” the complainant said.

The Singh brothers were accused 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 properties. The Singh brothers served as promoters of REL till February 2018 and they “exercised deep and pervasive control over the management of RFL” since it was a subsidiary.

They lost complete control over REL and its subsidiaries, including RFL, following the invocation of shares pledged by them and other promoter entities with various banks in February.

Despite red flags raised by the Reserve Bank of India, the Singh brothers did not take corrective action and continued with the financial scam, it said.

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