ED searches homes of Singhs, former Religare promoters

NEW DELHI: The former promoters of Religare, Malvinder Singh and Shivender Singh, came under scrutiny after the Enforcement Directorate carried out searches at their premises on Thursday in connection with allegations of money laundering and misappropriation of funds to the tune of Rs 2,400 crore.
They ED has initiated an investigation under the prevention of money laundering act against the two brothers and some other senior executives of the Religare Enterprises Ltd based on an FIR registered by economic offence wing of the Delhi Police in December last year.
Police had filed the case after REL's subsidiary Religare Finvest (RFL) complained to Delhi Police EoW alleging fraud and misappropriation of funds worth Rs 740 crore. The FIR had named the Singh brothers and other executives as accused. The two brothers had exited the company last year.
Earlier, Sebi had also probed charges of diversion of funds of over Rs 2,300 crore from RFL and had asked Religare to recover the funds from the two brothers.
^{[1][2][3][4][5]}

References

1. ^{^} Religare (timesofindia.indiatimes.com)
2. ^{^} Enforcement Directorate (timesofindia.indiatimes.com)
3. ^{^} money laundering (timesofindia.indiatimes.com)
4. ^{^} Delhi Police (timesofindia.indiatimes.com)
5. ^{^} Finvest (timesofindia.indiatimes.com)

from India News | Latest News Headlines & Live Updates from India - Times of India https://ift.tt/2GJpu0L