A Delhi court on Monday dismissed the bail plea of former Fortis Healthcare promoter Malvinder Singh, arrested for alleged misappropriation of funds at Religare Finvest Limited .
Chief Metropolitan Magistrate Gurmohina Kaur rejected the bail application on the grounds that Malvinder was required to be kept in judicial custody for proper investigation in the case.
Malvinder (46); his brother Shivinder, also a former Fortis Healthcare promoter; former CMD of Religare Enterprises Limited (REL) Sunil Godhwani (58); former CEO of REL, Kavi Arora (48) and former CFO of RFL, Anil Saxena, were arrested by the Economic Offences Wing (EOW) of Delhi Police for allegedly diverting RFL’s money and investing in other companies.
The EOW registered an FIR in March last year after it received a complaint from RFL’s Manpreet Suri against Shivinder, Godhwani and others, alleging that loans were taken by them while managing the firm but the money was invested in other companies.
“They put RFL in a poor financial condition by disbursing loans to companies with no financial standing and controlled by them. The companies to which the loans were disbursed wilfully defaulted in repayments and caused a loss to RFL to the tune of ₹2,397 crore,” the police had alleged.
