New Delhi, Sep 25 The Delhi Police EOW has arrested Pradeep Kumar (57) and Anjani Kumar Verma (48) in case of misappropriation of fixed deposit receipts of Religare Finvest Limited (RFL) to the tune of around Rs 729 crore, a senior police officer said on Friday.
The matter came to light when Manpreet Singh Suri of Religare Finvest Ltd (RFL) filed a complaint with Economic Offences Wing (EOW) against Malvinder Mohan Singh, Shivinder Mohan Singh and their companies RHC Holding Ltd, Ranchem Pvt Ltd and Lakshmi Vilas Bank Ltd (LVB) and its then directors and employees.
It was alleged that in November 2016, the RFL placed Rs 400 crore in two fixed deposits (FDs) with LVB. These FDs were created by the RFL for short-term tenure with the intention to keep them free from all and any encumbrance.
In January 2017, the RFL placed around Rs 350 crore more in FDs with LVB. All these FDs were renewed by the RFL from time to time till their maturity in July 2017.
In July 2017, the RFL received an email from LVB on the statement of accounts with respect to RFL' current account. The RFL discovered that LVB had credited the proceeds of the FDs to RFL's current account, which was subsequently debited from RFL's current account (Rs 7,23,71,50,920) without any prior intimation to the RFL.
It was further alleged that the LVB cheated the RFL and misused its public shareholder money entrusted with the bank in its capacity as RFL's banker, thus causing wrongful loss to the complainant company to the tune of around Rs 729 crore. An FIR in this regard was registered in 2019.
Accused Malvinder and Shivinder were arrested and charge-sheeted in court. They are still in judicial custody.
"During investigation, grave irregularities and flouting of rules and regulations by officials of Lakshmi Vilas Bank Ltd in sanctioning of loans were noticed. Pradeep Kumar, Regional Head of Delhi Region, who was controlling the business of northern and eastern regions, and Anjani Kumar Verma, Assistant Vice-President of RMG-Corporate Credit Group at its Janpath Branch, Delhi, were arrested in the case," said AOP Mishra, Joint Commissioner of Police, EOW.
( With inputs from IANS )
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