A Delhi court on 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, along with that of Arora, on Friday.
The Economic Offences Wing (EOW) of Delhi Police had on Tuesday told the court that the 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.
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.
The police petition stated that custodial interrogation was required to confront the directors of the shell
entities with the accused.
Counsel for Malvinder did not oppose the petition, saying 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.
Religare has accused them of diverting funds, claiming that loans were taken by Shivinder while managing the firm but the money was invested in other companies.
The counsel for Malvinder had earlier told the court that the money was with Radha Soami head Gurinder Singh Dhillon but the police were not going after him since he had political connections and that Malvinder was being made a soft target.
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