Religare Fraud Explained in Hindi
Where it started ?
- Malvinder and Shivnder sold Ranbaxy to japan Daiichi Sankyo and got Rs. 9000 crore
- They payed around Rs. 2000 tax and left with Rs. 7000 crore
- They invested in fortis healthcare Rs. 2230 crore
- They invested in religare enterprises Rs. 1750 crore
- Religare enterprise both brother hold 51% stake and from it they started NBFC arm Religare Finvest Ltd (RFL) with 85 % stake
How fraud came in Limelight?
- RFL deposit money in FDR Rs. 750 crore in Nov 16 and Jan 17 in Lakshmi Vilas bank
- LV bank deposit interest of FDR in current account of RFL in July 17 and deducted Rs. 724 crore from current account of RFL
- RFL was informed by LV bank that money deducted against loan given to RHC holding and other companies related to both brother
- RFL told to continue FDR which bank accepted, but told bank that they have not approved such loan and also LV bank has not taken approval from RFL before giving that money
What is Fraud ?
- New york firm singular guff who hold 6% stake in RFL accused that Singh brother used RFL money to pay off personal debt
- Both brother gave loan to their companies and Dera bias head Dhillon and his family’s companies which they never returned
- Religare Finvest Rs. 2397 crore lost .
- RFL filed case against lakshmi vilas bank in delhi high court and economic offence wing delhi police