Ex-Fortis Promoter Malvinder Singh, Former Religare Executive Godhwani Sent To Judicial Custody
Mr Singh and Mr Godhwani have been accused of laundering money, punishable under Sections 3 and 4 of the Prevention of Money Laundering Act, the central agency added.
NEW DELHI: A Delhi court on Saturday sent former Fortis Healthcare promoter Malvinder Singh and former CMD of Religare Enterprises Limited Sunil Godhwani to judicial custody in an alleged money laundering case related to alleged misappropriation of funds at Religare Finvest Limited (RFL).
Special Judge Sandeep Yadav sent them to custody till December 7 after they were produced before a court on expiry of their custodial interrogation by the Enforcement Directorate (ED).
The ED special public prosecutor Nitesh Rana sought further custodial interrogation, saying more information has emerged and they need to be questioned.
However, the court dismissed the application saying "further custodial interrogation is neither required nor warranted."
The agency had taken both into custody on November 14 from Tihar jail, where they had been lodged due to a case filed by the Delhi Police in relation to the alleged scam, advocate AR Aditya, also appearing for the agency, said.
Mr Singh and Mr Godhwani have been accused of laundering money, punishable under Sections 3 and 4 of the Prevention of Money Laundering Act, the central agency added.
IANS in its recent report unfolded Singh Brothers’ alleged modus operandi to strip Religare Finvest Ltd. (RFL) bare. The construct of fund diversion was a carefully assessed plan, wherein, original loans were made to various companies which as a matter of fact was controlled by Singh brothers’ stockbroker, N.K. Ghoshal. All these companies were found to be apparently connected and acting as one economic unit.
These companies use to transferring the loan amounts received from RFL to other intermediary companies, allegedly at the order of RFL, to facilitate repayment of loans obtained from it by other third parties, within hours of the receipt of the loan amounts.
A few of the intermediaries identified in the case includes one Platinum Infrastructure Pvt. Ltd. It is believed on the basis of internal inquiries that Platinum is eventually controlled by Singh Brothers. Platinum admitted that its bank accounts statements revealed that a sum of Rs 109.30 crore was received by it, but, the said funds were transferred from its account to another entity known as Prius Real Estate Ltd. Prius Real Estate is also understood to be an entity controlled by Singh Brothers.
Read Also: Religare Fund Diversion: How It All Happened
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