Former Fortis Healthcare promoter Malvinder Singh to stay under judicial custody till January 6: Court

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

The ED alleged that both the brothers, 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.

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 EOW for allegedly diverting the money and investing in other companies.

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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 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 willfully defaulted in repayments and caused a loss to RFL to the tune of Rs 2,397 crore," the police had alleged.

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