Key Points
New Delhi: A money laundering investigation by the Directorate of Enforcement (ED) into Religare Finvest (RFL) has revealed that 400 crore was allegedly diverted to Hong Kong, said people in the know..
The agency has charged former Fortis promoters Malvinder and Shivinder Singh and co-accused under provisions of the Prevention of Money Laundering Act (PMLA) and accused them of fund diversion..
A previous investigation launched by the Economic Offences Wing (EOW) of the Delhi Police had found that Lakshmi Vilas Bank officials had, in collusion with the Singhs, deliberately not completed formalities that were mandatory for the loan transaction, in order to benefit the latter, who are promoters of RHC Holding...
According to ED, RFL granted 150 crore of loans to Essel Group companies in March 2014, which were allegedly defaulted on by way of a fraudulent settlement agreement in January 2018 in connivance with the Singhs..
It told the stock exchanges that ED officials, on the "basis (of) a complaint made by the present management of Religare Finvest" and "pursuant to the ongoing investigation with respect to the corporate loan book, collected relevant information/ documents on January 5, 2024, to expedite the investigation as per request made by RFL recently..
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