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RFL case: Court sends ex-Fortis promoter Malvinder Singh to ED custody

Singh and Godhwani are accused of laundering money, punishable under sections 3 and 4 of the Prevention of Money Laundering Act

Press Trust of India  |  New Delhi 

Malvinder Singh
Malvinder Singh

New Delhi: A Delhi court on Friday sent former Fortis Healthcare promoter Malvinder Singh and former CMD of Religare Enterprises Ltd Sunil Godhwani to the ED's custody till November 18 for allegedly misappropriating funds of Ltd (RFL).

A duty magistrate sent both the accused to the Enforcement Directorate's custody in a proceeding held inside the Tihar central jail due to an ongoing strike by lawyers in district courts here, following a clash between them and police personnel at the Tis Hazari Court complex earlier this month.

ED Special Public Prosecutor Nitesh Rana sought 14-day custody of Singh and Godhwani.

However, the court directed the agency to produce them before the court concerned on Monday.

The ED had arrested Singh and Godhwani in the money laundering case on November 14.

The agency took both the accused in its custody inside the Tihar central jail here, where they were lodged in a case filed by the Delhi Police in relation to the alleged scam.

Both Singh and Godhwani are accused of laundering money, punishable under sections 3 and 4 of the Prevention of Money Laundering Act, the ED said.

They were in judicial custody along with Malvinder Singh's brother Shivinder and two others -- Kavi Arora and Anil Saxena -- in a case filed by the Economic Offences Wing (EOW) of the Delhi Police.

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RFL is a group firm of Religare Enterprises Ltd, which was earlier promoted by the

Both the accused, along with others, transferred an amount of about Rs 1,000 crore to various persons from entities linked to the corporate loan book and finally, the money was siphoned off, according to the ED.

The agency started its investigation in the matter on the basis of a case lodged by the Delhi Police.

Malvinder (46), Shivinder (44), Godhwani (58), Arora (48) and Saxena were arrested by the Delhi Police's EOW for allegedly diverting the money and investing in other

The EOW registered an FIR in March 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

"They put RFL in a poor financial condition by disbursing loans to with no financial standing and controlled by them. The companies to which the loans were disbursed willfully defaulted in repayments and caused a loss to RFL to the tune of Rs 2,397 crore," the police had alleged.


ALSO READ: RFL case: ED arrests ex-Fortis Healthcare promoter Malvinder Singh

First Published: Fri, November 15 2019. 19:20 IST
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