In a midnight raid, Malvinder, former Fortis promoter arrested from Ludhiana | Shivender was arrested yesterday

Malvinder Singh Arrested

The Hush Post| 10:29 am |one-minute-read|

A day after Former Fortis Healthcare promoter Shivender Singh was arrested comes the news of the arrest of his brother Malvinder Singh. Malvinder was arrested in the wee hours of Friday from Ludhiana and is being brought to Delhi.

After receiving a tip-off the Economic Offences Wing of Delhi Police raided a place, which, it is believed is Malvinder’s ancestral village from where he was arrested.

Delhi Police on Friday arrested former Fortis Healthcare promoter Malvinder Singh for allegedly misappropriating funds of Religare Finvest Limited (RFL) and causing losses to the tune of Rs 2,397 crore.

Malvinder’s brother Shivinder Mohan Singh, 58-year-old Sunil Godhwani, the former chairman and managing director of Religare Enterprises Limited (REL), Kavi Arora (48) and Anil Saxena, who occupied important positions in REL and RFL, were also arrested earlier by the Economic Offences Wing (EOW) of Delhi Police. They were arrested for allegedly diverting money and investing in other companies.

RFL is a subsidiary of the REL. Shivinder and his elder brother Malvinder were earlier the promoters of REL.

Malvinder was detained on the intervening night of Thursday and Friday in Ludhiana and was formally arrested on Friday morning after he was brought here by a team of the Economic Offences Wing, Additional Commissioner of Police (EOW) OP Mishra said.

The EOW had lodged an FIR in March after it received a complaint from Manpreet Singh Suri of the RFL 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 poor financial condition by disbursing loans to companies having no financial standing and being controlled by them. The companies to which loans were disbursed willfully defaulted in repayments and caused a loss to RFL to the tune of Rs 2,397 crore,” Mishra had alleged.

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