Religare funds scam: Delhi court docket dismisses bail plea of susceptible Laxmi Vilas Bank Vice President

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Religare funds scam: Delhi court docket dismisses bail plea of susceptible Laxmi Vilas Bank Vice President

Religare funds scam: Delhi court docket dismisses bail plea of susceptible Laxmi Vilas Bank Vice President

Synopsis

Kumar used to be chargesheeted within the case by the Financial Offences Stir of the Delhi police for allegedly abusing his put and conspiring with the then management of RFL, RHC Holding Ltd, and Ranchem Ltd, to misappropriate a sum of Rs 791 crore.

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NEW DELHI: A Delhi court docket has disregarded the bail plea of susceptible Laxmi Vilas Bank Vice President Pradeep Kumar in a case connected to alleged misappropriation of funds at Religare Finvest Ltd. Additional Chief Metropolitan Justice of the Peace Vijeta Singh Rawat acknowledged as per the price sheet there used to be prima facie incriminating field topic in opposition to Kumar.

Within the center of the duration of the alleged offence dedicated in 2019, Kumar used to be the Vice President and Relationship Head of North Regional Office (Delhi), of Laxmi Vilas Bank (LVB).

Kumar used to be chargesheeted within the case by the Financial Offences Stir of the Delhi police for allegedly abusing his put and conspiring with the then management of RFL, RHC Holding Ltd, and Ranchem Ltd, to misappropriate a sum of Rs 791 crore.

The court docket acknowledged in its declare passed on September 30, “There is rarely always a ‘correct and staunch’ causes or ‘another particular reason’ emanating from the submissions made and field topic on file to steal into myth giving bail to the accused/applicant (Kumar) within the unique case.

“As per the price sheet there are prima facie incriminating field topic qua the accused / applicant who used to be an respectable of the bank. By facilitating siphoning off of Rs 791 Crores, the industrial fabric has been corroded and the implication has to be borne by the final public shareholders of REL (Religare Enterprise Ltd). Thus, this court docket is now not inclined to admit the accused on bail.”

It has been alleged within the chargesheet that Kumar, in his means as President (VP), Regional Relationship Head- North, Regional Office, Delhi of Laxmi Vilas Bank (LVB), abused his put to misappropriate a sum of Rs 791 Crores (Rs 750 crores plus curiosity) which had been positioned as mounted deposits (FDs) by RFL with LVB for a temporary term and free from all encumbrances.

The police submitted that he has been chargesheeted as no such mortgage will bear been disbursed without his data.

He, being the Vice President and Relationship Head, North, had suppressed the discussions that took put with officers of RFL (from the Corporate Office) and had now not cared for the protection and safety of the bank, police alleged.

Kumar used to be arrested by the police on September 24 and is on the 2nd in judicial custody within the case.

Within the center of the hearing, advocate Sanjay Mishra, showing for Kumar, acknowledged the transactions/deposit loans had been independently sourced, dealt with and suggested by co-accused Anjani Verma.

“The corporate vertical within the Delhi enviornment used to be manned by separate autonomous executives who had been taking care of Wholesale Banking Enterprise/Corporate Enterprise within the enviornment. The applicant (Kumar) by no map accredited the Janpath Department, Delhi of the bank to make a deposit mortgage on assurance that documentation might perchance perchance be taken care of at a later stage.

“He had no scope, authority or motive to steer the officers/executives of Corporate vertical industry,” his bail plea mentioned.

Senior advocate Mohit Mathur, showing for RFL, antagonistic the bail plea, announcing the bank used to be a creditor to RFL with whom the FDs had been created and in full breach of the contract wherein the FDs had been created, the money used to be dealt with by the bankers to cause wrongful loss to RFL.

He argued that no steps had been taken for intimating the credit committee of the ban and loans had been suggested, sanctioned and disbursed without staunch documentation and rollovers had been accredited and FDs encashed wherein Kumar used to be allegedly actively taking part.

RFL is a community company of REL, which used to be earlier promoted by susceptible Fortis Healthcare Promoters Malvinder and his brother Shivinder Singh.

The EOW registered a separate FIR in March last twelve months after it got a complaint from RFL’s Manpreet Suri in opposition to Shivinder and others, alleging that loans had been taken by them whereas managing the company but the money used to be invested in other corporations.

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