- Apprentice Lawyer
- Legal Jobs
A Delhi Court today extended the police custody remand of former Ranbaxy owners Malvinder and Shivinder Singh (Singh brothers) and former Religare CMD Sunil Gidhwani with the Delhi Police’s Economic Offences Wing (EOW) in the case relating to misappropriation of funds on a complaint lodged by Religare FinVest Limited by two days.
Chief Metropolitan Magistrate at the Saket District Court Deepak Sehrawat passed the order after the accused persons were produced before the Court on the expiry of the four-day police custody remand.
EOW’s application for extending the police remand of the Singh Brothers and others was not opposed by any party.
In its remand application, the EOW informed the Court that the accused persons have disclosed that an amount to the tune of approximately Rs 1000 crore has been transferred to various persons from the entities linked to corporate loan book and finally the amount was siphoned off. The EOW thus sought an extension of the police custody of the accused to idently those persons to whom this amount was transferred, to ascertain the purpose of creating certain shell companies, to confront the Directors of these shell companies and identify the money trail.
The EOW had arrested the Singh brothers and others last week in a complaint by Religare Enterprises, which was under the absolute control of the Singh Brothers.
Manpreet Suri of Religare Finvest accused the brothers of siphoning off funds and misappropriation of funds to the tune of over Rs 2,000 crore. This complaint, filed in December 2018, led to the brothers being charged with cheating, fraud, and misappropriation of funds in March 2019 when the FIR was registered.
Religare Enterprises Limited owned an 85% stake in Religare Enterprises which controlled Religare Finvest at the time the alleged offence was committed. Godhwani was the CMD while the other two accused – Kavi Arora and Anil Saxena – held crucial managerial positions in Religare Enterprises at the time.
The accused persons will be presented before Court next on October 17.
Read the Order: