godhwani: EOW of Delhi Police arrest former Religare CMD Sunil Godhwani in Rs 800 cr fraud case

The Financial Offences Wing of the Delhi Police on Tuesday arrested former chairman and MD of Restricted Sunil Godhwani in a fraud case value Rs 800 crores.

Noticeably, Godhwani is already underneath judicial custody relating a case associated with alleged misappropriation of budget involving Rs 2,300 crores.

In January, a Delhi court docket had denied bail to Sunil Godhwani, in a case associated with alleged misappropriation of budget, noting the seriousness of allegations, mortgage quantity concerned and his position within the transactions.

The court docket had mentioned that financial offences are regarded as to be grave, particularly when public cash is concerned and courts need to be cautious in granting bail in such instances.

Godhwani and others had put Religare Finvest Restricted (RFL), a bunch company of REL, in deficient monetary situation by way of disbursing loans to entities having no monetary status. The ones entities then allegedly willfully defaulted in repayments and led to wrongful loss to RFL to the song of Rs 2,397 crores.

In 2019, police registered an FIR towards Godhwani, Malvinder Mohan Singh, Shivinder Mohan Singh, and others on a grievance from RFL’s accepted consultant (AR) for allegedly diverting the corporate’s cash and making an investment in different firms. REL used to be previous promoted by way of the Singh brothers.

Godhwani used to be arrested in 2019. The accused sought bail at the grounds that he’s a senior citizen, affected by quite a lot of illnesses, and may have well being problems in prison making an allowance for the 3rd wave of the pandemic.

The allegations within the case have been that Godhwani, along side co-accused, in connivance with each and every different swindled the general public cash.

In line with the police, the Reserve Financial institution of India (RBI) identified the discrepancies in its research to the impact that prime debtors of RFL underneath the Company Mortgage Guide (CLB) portfolio have been comparable entities.

India’s central financial institution mentioned that the ones entities had interlinked between the debtors, as budget have been rooted from one borrower to some other. It used to be additionally famous that the mortgage quantity in the end got here again to the gang of businesses of RFL.

Godhwani and the opposite accused have been main shareholders until June 2017 and remained in keep an eye on of businesses until February 2018. After new control took over, it used to be discovered that RFL used to be put to a lack of Rs 2,397 crores roughly, the police mentioned.

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