New Delhi: A Delhi court Thursday remanded former Fortis Healthcare promoters Malvinder Singh and his brother Shivinder to 14-day judicial custody for allegedly misappropriating funds of Religare Finvest Ltd (RFL).
Metropolitan Magistrate Nishant Garg also sent three others, Sunil Godhwani, Kavi Arora and Anil Saxena, to judicial custody till October 31.
The Singh brothers had moved a bail plea which will be heard Friday, along with that of Arora.
The Economic Offences Wing (EOW) of Delhi Police had Tuesday told the court that Singh brothers have disclosed that an amount of about Rs 1,000 crore has been transferred to various persons from the entities linked to corporate loan book which was then allegedly siphoned off.
The investigating officer of the Delhi Police (EOW), in the remand application, had sought custodial interrogation of the accused saying it was required to identify the persons to whom the alleged siphoned off money was transferred and to ascertain the purpose of creating the shell companies.
Counsel for Malvinder did not oppose the plea. He said investigation conducted so far has brought forth material which may also benefit the accused, adding that he already shown some links to the police with regard to where his money has gone.
Malvinder (46), Shivinder (44), Godhwani (58) and Arora (48) and Saxena, were arrested by the EOW for allegedly diverting the money and investing in other companies.
Senior advocate Vikas Pahwa, appearing for RFL’s Manpreet Singh Suri, who filed the complaint in December last year, had earlier alleged that the case was a serious economic offence.
PTI