New Delhi: Singh Brothers -- Malvinder Mohan Singh and Shivinder Mohan Singh -- were the lynchpins in the Rs 3,000 crore Religare Group fraud. The FIR describes the modus operandi of how the money was siphoned off.
The construct was as follows: The same company was funded with equal or higher amount on the day payment was received from it towards previous dues.
In some cases, it appears that ledger entries were done on the earlier dates, but repayments were received on the same day or in a time span of 1-2 days when the same or some other companies were funded.
So, the whole thing assumed a rolling sort of plan, where money came from dues and then repaid elsewhere. It was a calibrated plan which though cut to cut worked like clockwork.
Such was the level of chicanery that the two brothers, along with CEO Sunil Godhwani, practised that they deliberately imperiled Religare Finvest so that the money siphoning operation ran without interference.
Here is the architecture: For instance, on June 17, 2009, Rs 34 crore was received in total from Blue Line Finance, GYS Real Estate, Ligare Aviation, Ligare Voyage, Linear Commercial and Sharan Hospitality and on the very same day, Rs 54 crore was funded to Dion Global, Religare Technova Business Intellect and Religare Technova IT Services.
On August 17, 2009, Rs 200 crore was funded and repayment of Rs 100 crore was received from Religare Financial Consultancy. On March 30, 2010, Rs 36 crore was extended to nine companies and on the same day, repayment of Rs 32 crore was received from six other companies except Ligare Aviation from which repayment of Rs 13 crore was received and to which Rs 14 crore was extended on the same day.
