Religare Fund Diversion: How It All Happened

These companies use to transferring the loan amounts received from RFL to other intermediary companies, allegedly at the order of RFL, to facilitate repayment of loans obtained from it by other third parties, within hours of the receipt of the loan amounts, reports IANS.

A few of the intermediaries identified in the case includes one Platinum Infrastructure Pvt. Ltd. It is believed on the basis of internal inquiries that Platinum is eventually controlled by Singh Brothers. Platinum admitted that its bank accounts statements revealed that a sum of Rs 109.30 crore was received by it, but, the said funds were transferred from its account to another entity known as Prius Real Estate Ltd. Prius Real Estate is also understood to be an entity controlled by Singh Brothers.

On alleged instructions from RFL, the said amount was extended by Singh Brothers in the following manner at the specified interest rate:

On September 2, 2016, Annies Apparel Pvt Ltd was provided Rs 95,50,00,000 at 14.10 per cent annual interest, and on the same date, Gurudev Financial Services Pvt Ltd got Rs 22,00,00,000 at 14.10 per cent, Torus Buildcon Pvt Ltd was provided Rs 3,93,00,000 at 14.60 per cent, and Saubhagyya Buildcon Pvt Ltd Rs 18,56,50,000 at 14.45 per cent interest per annum.