Sure Financial institution normal counsel Sanjay Nambiar resigns

Mumbai: Sanjay Nambiar, the group normal counsel of Sure Financial institution, has resigned and is presently serving his gardening depart. Sure Financial institution, underneath its erstwhile administration, has been a part of a long-drawn investigation by the Enforcement Directorate (ED) right into a mortgage fraud case involving companies linked to Anil Ambani.

“It’s true that Sanjay Nambiar has resigned,” an official spokesperson for the lender confirmed Thursday in an emailed response to ET’s particular queries.

Nambiar, who was normal counsel at Sure Financial institution for practically 15 years, had beforehand labored at ICICI Financial institution for over 4 years, as per his LinkedIn profile.

In line with the ED, preliminary investigations confirmed that loans price round ₹3,000 crore, sanctioned by Sure Financial institution between 2017 and 2019, have been allegedly diverted to shell companies and different group entities.

One key facet of the ED probe entails loans sanctioned by Sure Financial institution, Canara Financial institution and Financial institution of Baroda to numerous ADAG group entities, and a associated ₹2,850-crore funding made by Reliance Mutual Fund in Sure Financial institution’s AT-1 bonds.

The ED suspects these transactions might have concerned quid professional quo preparations.The AT-1 bonds thought-about quasi-equity in nature, have been written off by the RBI after Mint Street had ordered the board of the personal lender be outdated in March 2020. A consortium of lenders then bailed out Sure Financial institution from the brink of collapse.