InvestorQ : How did the Religare brothers get involved in another banking scam at Lakshmi Vilas Bank?
Crowny Pinto made post

How did the Religare brothers get involved in another banking scam at Lakshmi Vilas Bank?

Answer
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5 months ago


It looks like where there is a banking scam, the Singh brothers cannot be far behind. It has been reported that the Economic Offences Wing (EOW) of the Delhi Police has filed a charge sheet against Malvinder Singh and Shivinder Singh along with some employees of Lakshmi Vilas Bank in an Rs.791 crore fraud case. EOW has filed the charge sheet on March 23, 2020 and the magistrate will take cognizance once the court reopens. The complaint has been filed by Religare Finvest, a company once owned by the Singh brothers. Both Malvinder and Shivinder earlier owned Religare Enterprises, the parent company of Religare Finvest. The FIR filed by Religare Finvest with the EOW says that Lakshmi Vilas Bank had liquidated four fixed deposits amounting to Rs 791 crore, out of which Rs 750 crore was the principal amount, to adjust for loans which were given to RHC Holdings, a company privately owned by the Singh Brothers.