Delhi's Saket court on Thursday sent former Religare promoters Malvinder Singh, Shivinder Singh and 3 others to judicial custody till October 31 in a fund misappropriation case related to Religare Finvest Ltd. The other three accused, former Religare CMD Sunil Godhwani, and former senior executives Kavi Arora and Anil Saxena, have also been sent to judicial custody. Metropolitan Magistrate Nishant Garg pronounced the order to sent the accused to two-week judicial custody.
The court had extended their custody by two days on Tuesday. While Shivinder Singh and Sunil Godhwani were arrested on October 10, Malvinder Singh was arrested on October 11 over alleged misappropriation of Religare Finvest Ltd (RFL)'s funds and causing losses of Rs 2,397 crore.
RFL (Religare Finvest Limited) funds misappropriation case: Delhi's Saket Court sends Malvinder Singh, Shivinder Singh and 3 others to judicial custody till October 31. (file pic) pic.twitter.com/2to3A6g0BR— ANI (@ANI) October 17, 2019
Delhi Police's EOW (Economic Offences Wing) had earlier sought their judicial custody to ascertain the trail of money and the role of co-conspirators in the fraud case. The EOW had said their judicial custody was necessary to ascertain the purpose of transfer of funds and their intention behind setting up shell companies.
The police told the court that during the course of investigation, the Singh brothers and Godhwani disclosed that around Rs 1,000 crore was transferred to various persons from the entities linked to the corporate loan book. The amount was siphoned off. The entities that received and eventually transferred the amount to various persons include Modland Wars Pvt Lt, Devera Developers Pvt Ltd, Fern Healthcare Pvt Ltd, Best Healthcare Pvt Ltd, Adept Lifespaces Pvt Ltd and Rosestar Marketing Pvt Ltd.
Edited by Manoj Sharma