Former Fortis Healthcare promoters Malvinder Singh, his brother Shivinder, and three others were remanded in police custody for four days by a city court on Friday. The duo was arrested by the Economic Offences Wing of the Delhi Police for misappropriating funds of Religare Finvest Ltd, causing it Rs 2,397 crore loss.
“The offence is of very serious nature involving huge amount of money. police custody is necessary to trace the trail of the cheated amount,” said Chief Metropolitan Magistrate Deepak Sherawat.
The CMM said the police custody is necessary to “trace the trail of the cheated amount and find out the role of other persons who might have participated in the conspiracy and confrontation with the other officials of RFL and REL (Religare Enterprises Limited)”.
“I am of the opinion that four days PC (police custody) remand of the accused persons is necessary at this stage. Hence, application of the investigating officer is allowed and accused persons be remanded in police custody for a period of four days,” the judge noted.
Malvinder was arrested on Friday morning, while Shivinder, Sunil Godhwani, the former CMD of Religare, Kavi Arora and Anil Saxena, who occupied important positions in REL and RFL, were arrested on Thursday.
