Delhi Court Charges Religare Promoters for Massive Fraud and Conspiracy

A Delhi Court has charged Religare founders Malvinder and Shivender Mohan Singh with cheating and criminal conspiracy in a case involving the alleged misappropriation of funds. Accused of siphoning Rs 1260 crore, the brothers face charges for orchestrating fraudulent loans and complex financial transactions.

On Thursday, a Delhi Court charged Religare's promoters Malvinder Mohan Singh and Shivender Mohan Singh with cheating and criminal conspiracy, according to the Economic Offence Wing (EOW) of the Delhi Police. The case, originally registered in 2019, involves alleged siphoning of funds from Religare Finvest Limited (RFL).

The court's chargesheet alleges that since 2016, funds were siphoned through loans that were never returned, implicating 19 entities. Additional Sessions Judge Sheetal Chaudhary Pradhan pronounced charges against Malvinder and Shivender Singh alongside Rajender Prasad Aggarwal and Krishnan Subramanium under sections 420 and 120B of the IPC.

The charges follow a complaint about significant misuse of RFL's funds resulting in major losses for shareholders. The court also summoned representatives from charged companies for further proceedings slated for April 5, 2025, highlighting a network of unsecured loans and intricate financial dealings linked to the accused brothers.

(With inputs from agencies.)