According to police, Manpreet Singh Suri, AR of Religare Finvest Ltd (RFL), filed a complaint against Malvinder Mohan Singh, Shivinder Mohan Singh, Sunil Godhwani and others holding key managerial posts, alleging that these people having absolute control on Religare Enterprises Limited (REL) and its subsidiaries put RFL in poor financial condition by way of disbursing loans to companies having no financial standings.

These companies willfully defaulted in repayments and caused wrongful loss to RFL to the tune of Rs 2,397 crore. This was also pointed out and flagged during their independent audit by RBI and SEBI, police said.

Subramanian was the group CEO of REL in 2017 and 2018. A loan against property worth Rs 115 crore was sanctioned as secured loans to three entities -- Best Health Management Pvt Ltd, M/s Vitoba Realtors Pvt Ltd and Devera Developers Pvt Ltd -- vide three separate loan facility agreements, and property documents of Asola land was kept as security with RFL, they said.

Subsequently, these loans were converted to unsecured loans under the corporate loan book portfolio as title deeds of these lands were never submitted to RFL. Later on, it was found that the land which was kept as security with RFL had been exchanged without any permission or intimation to RFL, a senior police officer said.

“It was also found that the property documents were released to the borrower after execution of share pledge agreement on January 10, 2018 with RHC and Elive under which the shares of Elive were pledged and the trade mark certificates with respect to Religare brand were deposited with RFL. The said SPA and subsequent release of property papers were done by Subramanian,” Additional Commissioner of Police (EOW) R K Singh said.

Malvinder and Shivinder along with three others have already been arrested in the case. Subramanian was held on Wedneday, he said.

-With PTI Inputs