Former Religare CEO arrested for siphoning off Rs 2397 crore fund
New Delhi: A Delhi court on Thursday sent Krishnan Subramanian, former CEO of Religare Enterprises Limited (REL), to judicial custody for four days in connection with the alleged siphoning of public money to the tune of Rs 2397 crore of Religare Finvest Limited (RFL).Subramanian, who worked as the Group CEO during 2017-18, was arrested by the Economic Offences Wing of the Delhi Police on...
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New Delhi: A Delhi court on Thursday sent Krishnan Subramanian, former CEO of Religare Enterprises Limited (REL), to judicial custody for four days in connection with the alleged siphoning of public money to the tune of Rs 2397 crore of Religare Finvest Limited (RFL).
Subramanian, who worked as the Group CEO during 2017-18, was arrested by the Economic Offences Wing of the Delhi Police on December 8. The police produced him before the court and sought four days of judicial custody.
Allowing the plea, Chief Metropolitan Magistrate Dinesh Kumar said, "Considering the submission made by the investigating officer (IO) and the material on record, I am of the opinion that judicial custody remand of the accused is required at this stage. He be produced on December 13, 2021."
According to the police, Manpreet Singh Suri, a representative of 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 RFL in poor financial condition by way of disbursing loans to companies having no financial standings.
"These companies willfully defaulted in repayments and caused wrongful loss to RFL to the tune of Rs. 2397 Crores. This was also pointed out and flagged during their independent audit by RBI and SEBI," RK Singh, Additional Commissioner of Police, Economic Offences Wing said.
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