EoW files FIR on Religare Finvest’s complaint of Rs 793cr fraud

The Economic Offences Wing of Delhi Police has filed an FIR against Strategic Credit Capital Private Ltd (SCCPL) along with other associated entities and individuals Mohnish Mukkar over an alleged fraud of over Rs 793 crore based on a complaint by Religare Finvest Ltd (RFL).

RFL had filed a criminal complaint in August 2019 for offences of cheating, misappropriation, forgery, criminal breach of trust, and criminal conspiracy against SCCPL and its associate entities and individuals.

According to the FIR, the accused persons including SCCPL and Mohnish Mukkar along with cheating and defrauding RFL, also forged and fabricated documents to induce RFL to execute an assignment agreement.

As per the FIR, around April-May 2015, Mohnish Mukkar and Veena Singh, Director of PHFPL, had approached RFL expressing interest in acquiring certain existing RFL loans. Mohnish Mukkar at the relevant time, had represented to RFL that he was a promoter and director of Halcyon Asia Support Services Private Limited, which company was engaged in the business of debt restructuring.

Based on the assurances given by Mohnish Mukkar and Veena Singh, RFL had entered into an assignment transaction with SCCPL for 12 loan accounts, the FIR dated December 22 said.

Consequently, the assignment agreement dated July 25, 2015 was executed between RFL and SCCPL for direct assignment of certain loans and receivable to SCCPL for a purchase consideration of over Rs 530 crore.

Further, on the basis of the settlement agreement, SCCPL along with other accused, through its directors and nominees, induced RFL to withdraw the legal proceedings pending against them and other related entities, said the FIR.

“On account of the aforesaid offences the accused have made an unlawful gain and have cause and unlawful loss to RFL and all its stakeholder to the tune of Rs 793,67,20,176,” it said.

As per the agreement, the consideration amount was payable by SCCPL to RFL in two tranches. The FIR said that SCCPL manifestly misrepresented its credit worthiness to RFL to take over the relevant loans.