The Enforcement Directorate’s (ED) move to attach assets amounting to nearly Rs 125 crore belonging to various entities in relation to its investigation into money laundering and siphoning off funds from Religare Finvest Limited (RFL) will bolster the management’s resolve in recovering the siphoned funds by former promoters.
“Before 2018, the erstwhile management had siphoned off funds by sanctioning and disbursing loans under the Corporate Loan Book (CLB) of RFL,” the company said in a statement.
“The ED is conducting the investigation based on the complaint by the current management of RFL against the erstwhile promoters of Religare (Shivinder Mohan Singh and Malvinder Mohan Singh) and their associated persons/entities,” it added.
RFL, under its current management, has repaid more than Rs 9,000 crore of dues to lenders and will recover its lost assets on account of the actions of the erstwhile promoters and their associates.