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
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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.
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