[Fortis- Religare scam] Delhi High Court grants bail to Krishnan Subramanian

The Delhi High Court has granted bail to Krishnan Subramanian, former group Chief Executive Officer (CEO) of Religare Enterprises Ltd (REL), in connection with the alleged siphoning of public money to the tune of Rs. 2,397 crore of Religare Finvest Ltd (RFL). The bench of Justice Chandra Dhari Singh passed the order.

Earlier in December 2021, Subramanian was arrested by the Economic Offences Wing of Delhi Police.

According to the statement by the Economic Offences Wing, Manpreet Singh Suri, AR of RFL filed a complaint against Malvinder Mohan Singh, Shivinder Mohan Singh, Sunil Godhwani, and others holding key managerial posts that the alleged persons having absolute control on REL and its subsidiaries put RFL in poor financial condition by way of disturbing the loans to the companies having no financial standings.

“These companies willfully defaulted in repayments and caused the wrongful loss to RFL to the tune of Rs. 2,397 crores. This was pointed out and flagged during their independent audit by RBI and SEBI”, said the statement.

The accused Krishnan Subramanian was the group CEO from 2017 to 2018. A loan against property worth Rs. 115 crores were sanctioned as secured loans to three entities and the property documents of Asola land were kept as security with RFL, it was stated.

Subsequently, these loans were converted to unsecured loans under the Corporate Loan Book portfolio as title deeds of these lands were submitted to RFL. Subramanian was presented by Tanveer Ahmed Ali, Prabhav Ralli, Saud Khan, and Kartik Venu in the Delhi High Court.

Case Title: Krishnan Subramanian v. State of NCT of Delhi