Lakshmi Vilas Bank slams Religare Finvest, says committed to cooperating with authorities

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Published: September 28, 2019 7:26:48 AM

During 2017-18, the bank had adjusted deposit-loans aggregating to Rs 794 crore, extended to RHC Holding and Ranchem, the group companies of RFL, against RFL’s deposits.

Disputing the said adjustment, RFL had filed a suit against the bank in May 2018 before the Delhi HC and the same was being defended appropriately by the bank.

Slamming Religare Finvest (RFL) for moving the Economic Offences Wing to get an FIR registered against the bank and its directors, Lakshmi Vilas Bank (LVB) on Friday said it is committed to cooperating with the investigating agencies and regulatory authorities in order to bring out the malicious attempts of RFL to mislead the public to cover up massive fraud indulged in by their own promoters, employees and group companies.

The Economic Offences Wing of Delhi had registered an FIR against its board members on a complaint filed by Religare Finvest pertaining to adjustment of its deposits towards the dues of RHC Holding and Ranchem. Terming the RFL complaint as a desperate measure, LVB said mere registration of FIR against the bank does not mean anything, at this stage.

During 2017-18, the bank had adjusted deposit-loans aggregating to Rs 794 crore, extended to RHC Holding and Ranchem, the group companies of RFL, against RFL’s deposits. Disputing the said adjustment, RFL had filed a suit against the bank in May 2018 before the Delhi HC and the same was being defended appropriately by the bank.

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