Chhattisgarh liquor scam: ACB, EOW conduct raids
The recent filing of a First Information Report (FIR) by the ACB has intensified scrutiny into the matter, indicating the gravity of the situation.
Religare Enterprises’ former promoters Malvinder and Shivinder Mohan Singh embezzled public money from group’s entity Religare Finvest (RFL) to shell companies to ‘square off their personal liabilities,’ Delhi Police’s Economic Offences Wing’s (EOW) has said in its charge sheet against the brothers.
The company’s lending arm had approved unsecured loans worth crores to 19 shell companies within two hours of receiving the proposals. Some of these loans were approved even when the shell companies themselves had not sought financial assistance, the EOW said in its complaint cited by the Economic Times.
The report further said that the charge sheet was filed last week in a funds-misappropriation case filed by RFL.
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As per the same report further alleged that Singh brothers had joined Religare Finvest’s board in 2016 with an intention of diverting money to these shell companies.
Meanwhile, Singh brothers denied any misconduct on their part.
Singh brothers, former CMD of Religare Enterprises Ltd. Sunil Godhwani, and others were taken into custody last December in a case filed by the EOW of Delhi Police. The ED had alleged that the duo, along with their accomplice transferred around 1,000 crores to several shell companies with the help of various persons.
The investigation into the matter began after the agency received a complaint from RFL’s Manpreet Suri against the accused, alleging that loans were taken by them while managing the firm but the money was invested in other companies. The EOW filed an FIR in March last year against Singh brothers, Godhwani and others.
(With input from agencies)
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