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Religare fund diversion case: Delhi court extends police custody of Singh brothers by two days

Chief Metropolitan Magistrate Deepak Sherawat extended custodial interrogation of Singh brothers, along with senior official Sunil Godhwani, after the probe agency sought their two-day custody saying that new material has come up in the case, PTI reported.

By: Express Web Desk | New Delhi | Updated: October 15, 2019 6:51:30 pm
'Will send you to jail': SC warns ex-Ranbaxy promoters over pending dues to Japanese firm Former Ranbaxy promoters Malvinder Singh and Shivinder Singh.

A Delhi court Tuesday extended the police custody of former promoters of Fortis Healthcare, Shivinder Singh and his elder brother Malvinder Singh by two days, in connection with an alleged fraud case involving misappropriation of funds of Religare Finvest Ltd (RFL), causing it losses of Rs 2,397 crore.

The Economic Offences Wing (EOW) of Delhi Police 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 which was then allegedly siphoned off.

Chief Metropolitan Magistrate Deepak Sherawat extended custodial interrogation of Singh brothers, along with senior official Sunil Godhwani, after the EOW said that the accused were required to identify the persons to whom the alleged siphoned off money was transferred and identify the reason behind creation of shell companies.

“During the course of investigation, it has been disclosed by the accused persons that an amount of approximately Rs 1,000 crore has been transferred to various persons from the entities linked to corporate loan book and finally it was siphoned off,” the agency told the court.

Counsel for Malvinder, advocate Manu Sharma, did not oppose the plea, saying investigation conducted so far has brought forth material which may also benefit the accused.

“In comparison to the previous remand application, we are happy by this plea. We are not vehemently opposing it. We are happy to assist the investigation,” he said.

Sharma had earlier told the court that the money was with Radha Soami head Gurinder Singh Dhillon but the police was not going after him since he had political connections and that Malvinder was being made a soft target.

Explained: The cases against Religare ex-promoters Malvinder Singh and Shivinder Singh

Both Shivinder and Malvinder were arrested on Thursday by the Economic Offences Wing (EoW) of the Delhi Police for alleged diversion of public money “in a clandestine manner for their own benefit”. The other three accused in the case are Sunil Godhwani, former chairman and managing director of Religare Enterprises Ltd (REL), Kavi Arora and Anil Saxena who held “important managerial positions in REL and RFL”. All three have also been sent to two-day judicial custody.

The arrest came two months after the Enforcement Directorate (ED) carried out searches at the homes of the Singh brothers after revelations from the Mauritius Leaks on their offshore holdings were described as “corroborative evidence” for the investigating agency.

(With inputs from PTI)

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