NEW DELHI: Former promoters of pharmaceutical giant Ranbaxy Laboratories and healthcare chain Fortis, brothers Malvinder Singh and Shivinder Singh, arrested on Thursday in an alleged fraud case, were remanded in police custody for four days by a city court on Friday even as Malvinder moved the Delhi High Court to quash the FIR against him.
While the Delhi High Court reserved the order on Malvinder’s plea, a trial court sent him, Shivinder and three others to police custody. All five are accused of misappropriating funds of Religare Finvest Ltd (RFL), causing it losses of Rs 2,397 crore.
The High Court also heard the applications filed by Radha Soami Satsang Beas head Gurinder Singh Dhillon and his family members that they do not owe any money to RHC Holdings Pvt Ltd, promoted by the Singh brothers.
The Economic Offences Wing of Delhi Police arrested the Singh brothers and Sunil Godhwani, former CMD of REL, Kavi Arora and Anil Saxena, who both held key positions in the REL and RFL, on Thursday.
All five were on Friday produced before Chief Metropolitan Magistrate Deepak Sherawat who allowed their custodial interrogation by the EOW.
“The offence is of very serious nature involving huge amount of siphoning of money,” the court said, adding that police custody was necessary to trace the money trail and find out the role of others who might be involved.