A Delhi court sent Malvinder Singh and his brother Shivinder Singh, former promoters of Fortis, arrested on 14 days of judicial custody on Thursday for alleged misappropriation of funds from Religare Finvest Limited (RFL).
Metropolitan Magistrate Nishant Garg also sent three other accused - Sunil Godhwani, Kavi Arora and Anil Saxena - to judicial custody till 31 October. The Singh brothers had filed a bail petition, which would be heard on Friday along with Arora's plea. The Economic Offenses Wing (EOW) of the Delhi Police told the court on Tuesday that the Singh brothers have revealed that out of the amount of loans received by the companies, around Rs 1,000 crore was transferred to various individuals, who were allegedly scammed.
The Delhi Police (EOW) investigating officers had requested the custodial interrogation of the accused in the detention application, stating that the amount of the alleged scam needs to be identified and masked by the persons to whom it was transferred. The purpose of forming companies should be investigated. The police petition said that custodial interrogation is necessary to confront them about the investigation in relation to the interaction between the directors of the mask companies and the accused.
Malvinder's lawyer did not oppose the plea and said that the things that have come out of the investigation conducted so far can benefit the accused. The lawyer said that he has also shown some links to the police in relation to where his client's money went. Malwinder (46), Shivinder (44), Godhwani (58) Arora (48) and Saxena were arrested by EOW for alleged misappropriation of funds and investing in other companies. The court on Tuesday extended the police custody of the Singh brothers and Godhwani by two more days after the investigating agency requested their custody citing new clues in the case.
Senior advocate Vikas Pahwa, appearing for RFL's Manpreet Singh Suri, filed a complaint in December last year. He had earlier alleged that it was a case of serious economic crime. Religare accused him of misappropriation of funds, claiming that Shivinder had taken a loan while managing the company but invested it in other companies.
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