New DelhiL ₹1,260 crore has been diverted to Malvinder Singh's firm RHC Holdings Pvt Ltd in order to square off liabilities, the Economic Offences Wing (EOW) probing the Religare Fraud Case told a Delhi Court. The credit approvals in few of these loan accounts explicitly mentioned that these loans are granted on the basis of recommendation of the promoters. The Economic Offences Wing (EOW) had arrested Shivinder Singh, Sunil Godhwani, who is a former MD of Religare, Kavi Arora and Anil Saxena on Thursday while Malvinder was arrested in a separate raid later on Thursday. The arrested persons are accused of causing a loss of ₹2,397 crore to Religare Enterprises. The FIR also states that those companies were controlled by them, but they had no financial standing.

Source: Mint October 12, 2019 08:26 UTC