Financial fraud case: Religare Enterprises’ former CEO gets bail

“These companies willfully defaulted in repayments and caused wrongful loss to RFL to the tune of Rs 2,397 cr. This was also flagged during the independent audit by the RBI and SEBI,” as per the Economic Offences Wing.
Financial fraud case: Religare Enterprises’ former CEO gets bail
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NEW DELHI: The Delhi High Court on Tuesday granted bail to Krishnan Subramanian, the former group CEO of Religare Enterprises Ltd, who was arrested in connection with an alleged Rs 2,397 cr financial fraud case last year.

On December 9, 2021, the Economic Offences Wing of Delhi Police arrested Subramanian, for siphoning off public money.

Manpreet Singh Suri, a representative of Religare Finvest Ltd (RFL), had filed a complaint against Malvinder Singh, Shivinder Singh, Sunil Godhwani, and others holding key managerial posts, alleging that having absolute control over Religare Enterprises Limited and its subsidiaries, these persons put Religare Finvest Limited (RFL) in poor financial condition by way of disbursing loans to companies having no financial standings.

In view of the sufficient incriminating evidence on record, Malvinder and Shivinder, along with three others holding key managerial positions in RFL, have already been arrested and charge-sheeted.

“These companies willfully defaulted in repayments and caused wrongful loss to RFL to the tune of Rs 2,397 cr. This was also flagged during the independent audit by the RBI and SEBI,” as per the Economic Offences Wing.

The accused, Krishnan Subramanian, was the Group CEO during 2017-18 when a loan against a property worth Rs 115 cr was sanctioned as secured loans to three entities.

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