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Religare funds rip-off: Delhi courtroom dismisses bail plea of former Laxmi Vilas Bank Vice President

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NEW DELHI: A Delhi courtroom has dismissed the bail plea of former Laxmi Vilas Bank Vice President Pradeep Kumar in a case associated to alleged misappropriation of funds at Religare Finvest Ltd. Additional Chief Metropolitan Magistrate Vijeta Singh Rawat stated as per the cost sheet there was prima facie incriminating materials in opposition to Kumar.

During the interval of the alleged offence dedicated in 2019, Kumar was the Vice President and Relationship Head of North Regional Office (Delhi), of Laxmi Vilas Bank (LVB).

Kumar was chargesheeted within the case by the Economic Offences Wing of the Delhi police for allegedly abusing his place and conspiring with the then administration of RFL, RHC Holding Ltd, and Ranchem Ltd, to misappropriate a sum of Rs 791 crore.

The courtroom stated in its order handed on September 30, “There isn’t any ‘simply and correct’ causes or ‘some other particular motive’ emanating from the submissions made and materials on file to contemplate giving bail to the accused/applicant (Kumar) within the current case.

“As per the charge sheet there are prima facie incriminating material qua the accused / applicant who was an official of the bank. By facilitating siphoning off of Rs 791 Crores, the economic fabric has been corroded and the implication has to be borne by the public shareholders of REL (Religare Enterprise Ltd). Thus, this court is not inclined to admit the accused on bail.”

It has been alleged within the chargesheet that Kumar, in his capability as President (VP), Regional Relationship Head- North, Regional Office, Delhi of Laxmi Vilas Bank (LVB), abused his place 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 brief time period and free from all encumbrances.

The police submitted that he has been chargesheeted as no such mortgage might have been disbursed with out his information.

He, being the Vice President and Relationship Head, North, had suppressed the discussions that passed off with officers of RFL (from the Corporate Office) and had not cared for the safety and security of the financial institution, police alleged.

Kumar was arrested by the police on September 24 and is presently in judicial custody within the case.

During the listening to, advocate Sanjay Mishra, showing for Kumar, stated the transactions/deposit loans had been independently sourced, handled and beneficial by co-accused Anjani Verma.

“The company vertical within the Delhi area was manned by separate impartial executives who had been taking good care of Wholesale Banking Business/Corporate Business within the area. The applicant (Kumar) by no means permitted the Janpath Branch, Delhi of the financial institution to create a deposit mortgage on assurance that documentation can be taken care of at a later stage.

“He had no scope, authority or motive to influence the officials/executives of Corporate vertical business,” his bail plea acknowledged.

Senior advocate Mohit Mathur, showing for RFL, opposed the bail plea, saying the financial institution was a creditor to RFL with whom the FDs had been created and in full breach of the contract by which the FDs had been created, the cash was handled by the bankers to trigger wrongful loss to RFL.

He argued that no steps had been taken for intimating the credit score committee of the ban and loans had been beneficial, sanctioned and disbursed with out correct documentation and rollovers had been permitted and FDs encashed whereby Kumar was allegedly actively collaborating.

RFL is a gaggle agency of REL, which was earlier promoted by former Fortis Healthcare Promoters Malvinder and his brother Shivinder Singh.

The EOW registered a separate FIR in March final 12 months after it obtained a criticism from RFL’s Manpreet Suri in opposition to Shivinder and others, alleging that loans had been taken by them whereas managing the agency however the cash was invested in different corporations.




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