Former Fortis Healthcare promoter Malvinder Singh was arrested on Tuesday in another case related to alleged misappropriation of funds at Religare Finvest Ltd. (RFL), the police said. He is already in judicial custody in another case.
RFL alleged that Malvinder Singh and his brother Shivinder Mohan Singh in connivance with the employees of Lakshmi Vilas Bank misappropriated two FDs of ₹400 crore and ₹350 crore made with the bank by the complainant company, the police said.
The investigation in the case, filed in September, revealed that the duo misappropriated the amount by availing loan from the bank against these FDs in RHC Holdings Pvt. Ltd. company they owned and further squaring off their abilities, according to the police. Malvinder and Shivinder systematically siphoned off and diverted public money in a clandestine manner for own benefit, they added.
