Court extends police custody of Malvinder and Shivinder Singh by two days

The EOW had also arrested Sunil Godhwani, former chairman and managing director of REL, Kavi Arora and Anil Saxena, who held “important managerial positions in REL and RFL”, for alleged diversion of public money “in clandestine manner for their own benefit”.

While Godhwani’s police custody was also extended, Arora and Saxena, were sent to two-day judicial custody.

The IO in the case, Inspector Sanjeev Dhodi, submitted to Chief Metropolitan Magistrate Deepak Sehrawat that “during the course of the investigation, it has been disclosed by the accused persons that an amount to the tune of Rs 1,000 crore approximately has been transferred to various persons from the entities linked to corporate loan book and finally the said amount was siphoned off”.

The IO submitted that he required two days custody to “identify those person to whom the said amount was transferred, and to ascertain the purpose of transfer, to ascertain the purpose of cheating the aforesaid shell companies and to confront the directors of these shell entities with the accused persons”.

The EOW also submitted before the court that police custody was required to ascertain the trail of money and role of co-conspirators.