Religare brothers slapped with another suit
Lawsuit filed in the High Court of Delhi by New York-based investor accuses lending arm of their Religare Enterprises of diversion, siphoning and digression of assets
Toronto
INDIA'S billionaire Singh brothers, already embroiled in one international legal battle over alleged fraud, are being accused of "diversion, siphoning and digression of assets" by a New York-based investor in a lawsuit filed in the High Court of Delhi.
The lending arm of Malvinder and Shivinder Singh's publicly traded financial services firm, Religare Enterprises Ltd, made 21 loans to a number of seemingly independent companies that routed at least US$300 million back to privately held Singh firms on the same day, according to a central bank investigation of the company's fiscal 2016 books filed as part of the 700-page suit in November.
