Singh Brothers remanded to Judicial Custody till October 31 in Religare FinVest case

A Delhi Court has remanded former Ranbaxy owners Malvinder and Shivinder Singh (Singh brothers), former Religare CMD Sunil Gidhwani and two others to judicial custody till October 31 in the case relating to misappropriation of funds on a complaint lodged by Religare FinVest Limited..The order was passed by a Link Magistrate at Delhi’s Saket Court Complex after Delhi Police’s Economic Offences Wing (EOW) moved an application for 14-day judicial remand of Singh brothers and other accused..Singh brothers and others were produced before the Court on Thursday on the expiry of their police custody remand..After hearing the parties and perusing the record, the Court concluded that the matter was under investigation..It thus ordered,.“In view of the facts and circumstances, the accused persons are remanded to Judicial Custody till 31.10.2019. The application is disposed of.”.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..They were subsequently remanded to police custody for four days which was subsequently extended by another two days..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..Read the Order: