Religare Scandal: Singh Brothers Charged with Cheating and Conspiracy

A Delhi court has charged Malvinder and Shivinder Mohan Singh, former promoters of Religare Enterprises Ltd, with criminal conspiracy and cheating. The allegations involve the misappropriation of Rs 1,260 crore of RFL funds from 2016 to 2018, which were wrongfully transferred to related entities.

A Delhi court has brought serious charges against Malvinder Mohan Singh and his brother Shivinder Mohan Singh, former promoters of Religare Enterprises Ltd. The charges involve criminal conspiracy and cheating, as per the court's ruling based on a case filed by the Economic Offences Wing (EOW) of Delhi Police.

The Singh brothers are accused of siphoning off Rs 1,260 crore from Religare Finvest Ltd (RFL) between 2016 to 2018. This money was allegedly redirected into other companies, including RHC Holdings, under the guise of loans. The court noted the misuse of influence by the brothers, who were in positions to manage RFL's operations.

The court's detailed 229-page order cited evidence, including a SEBI report and witness statements, underscoring how unsecured loans were disbursed without proper documentation, indicating an intention never to repay. The Enforcement Directorate is also pursuing a case under the Prevention of Money Laundering Act against Malvinder Singh.

(With inputs from agencies.)