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March 04, 2021 × The Economic Offences Wing (EOW) of the Delhi Police has named Sunil Godwani, former MD of financial services firm Religare Enterprises, as the beneficiary of ₹34 crore in the corporate loan-book fraud, in its supplementary charge-sheet, sources told BusinessLine. The total outstanding in the corporate loan book as on December 2020 is ₹2,967 crore. Godwani is also a co-accused in the loan scam involving Laxmi Vilas Bank, where Religare deposited nearly ₹900 crore with the bank, which was used by the bank to further lend to entities linked to Shivinder and Malvinder Singh, erstwhile promoters of Religare Group. Malvinder, Shivinder, Godhwani, Kavi Arora and Anil Saxena were arrested in the case by the EoW Economic Offences Wing (EOW) of Delhi Police in 2019, for allegedly diverting RFL s money and investing in other companies. An FIR was registered in March 2019, after the police received a complaint from RFL s Manpreet Suri against Mal ....
A Delhi court has dismissed an anticipatory bail plea of Avinash Chander Mahajan, former independent director of Religare Finvest Ltd, in a case of alleged misappropriation of funds worth Rs 2,397 crores. Additional Sessions Judge Sandeep Yadav said a futile attempt was made by Mahajan to distance himself from the alleged loans extended to 14 entities who were related to or controlled by or associated with promoters. The court said Mahajan did not express any concern or opposed the alleged loan proposal which clearly established conspiracy with the promoters/other accused persons for alleged diversion of funds. Thus, the applicant not only approved loan but also ratified the same. Thus, a futile attempt was made by applicant to distance himself from the loans extended to 14 entities who were related to or controlled by or associated with promoters, it said in its order passed on February 20. ....