New Delhi, October 11: The Delhi season court in Saket on Friday sent former promoters Malvinder Singh, Shivinder Singh and three others to police remand for four days. All these people were arrested by Economic Offences Wing (EOW) of Delhi Police on Thursday in connection with the alleged Religare Finvest Ltd (RFL) fraud case. Apart from Malvinder Singh, Shivinder Singh, Saket Court judges sent Sunil Godhwani, Kavi Arora and Anil Saxena to police remand for investigation.
Based on the complaint, filed by given by Manpreet Singh Suri in an alleged fraud case, the EOW of Delhi Police arrested four people including Ranbaxy's former promoter Shivinder Mohan Singh. All these people have been booked under Section 409 (criminal breach of trust by a banker), 420 (cheating) and 120-B (criminal conspiracy) of the Indian Penal Code (IPC). PMC Bank Fraud: Nirmala Sitharaman Meets Depositors After Facing Protest, Assures Regulations If Necessary.
According to the details, Manpreet Singh Suri held Malvinder Mohan Singh, Shivinder Mohan Singh, Sunil Godhwani and others for putting Religare Finvest Limited (RFL) in poor financial condition. Suri further alleged that all these promoters disbursed he loans to the companies having no financial standing and controlled by the alleged persons.
Earlier in August, the Enforcement Directorate had raided the residential premises of Malvinder and his brother Shivinder in connection with a money laundering case, which was registered under the Prevention of Money Laundering Act (PMLA) against them. Both the Singh brothers, had tendered their resignation from the Fortis Healthcare's Board of Directors.