ED unearths $400-million fund diversion at Religare Enterprises

The Enforcement Directorate (ED), which is probing the money-laundering charges against Religare Enterprises former promoters Malvinder Mohan Singh and Shivinder Mohan Singh, has established a diversion of $400-million funds to a subsidiary in Mauritius and then to a Jersey-based entity, sources in the know said.  Religare Enterprises’ wholly-owned Indian entity Religare Capital Markets (RCML) diverted the amount to its Mauritius-based subsidiary Religare Capital Markets International and later to NCM Ltd, a company in Jersey, between 2010 and 2016, the sources pointed out. .....

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