Former Fortis Healthcare promoter Shivinder Singh sent to judicial custody till January 8

The ED had taken Shivinder into custody on December 12 from Tihar jail, where he was lodged in the case filed by Delhi Police in relation to the alleged scam.

Also Read: ED officials reach Tihar jail, arrests former Fortis promoter Shivinder Singh

The court had earlier rejected his bail plea in the case registered by the EOW, saying there was every likelihood of his fleeing from justice and hampering the trial.

The ED had 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 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.

Medical Dialogues had recently reported that the erstwhile Fortis promoter Malvinder Singh was arrested on Tuesday in another case related to alleged misappropriation of funds at Religare Finvest Ltd (RFL).

RFL had alleged that Malvinder Singh and his brother Shivinder Mohan Singh in connivance with the employees of Lakshmi Vilas Bank had misappropriated two FDs of Rs 400 crore and Rs 350 crore made with the Lakshmi Vilas Bank by the complainant company.

Read Also: Former Fortis Healthcare promoter Malvinder Singh arrested in another case of funds misappropriation