Rediff.com  » Business » ED arrests ex-Fortis promoter Shivinder Singh in RFL money laundering case

ED arrests ex-Fortis promoter Shivinder Singh in RFL money laundering case

Source: ANI
December 12, 2019 23:57 IST
Get Rediff News in your Inbox:

Manpreet Singh Suri of Religare Finvest has lodged a complaint against Shivinder and others accusing them of putting the company in poor condition by way of disbursing loans to those who did not have any financial standings.

The Enforcement Directorate (ED) on Thursday arrested former Fortis Healthcare promoter Shivinder Mohan Singh in a money laundering case related to the alleged misappropriation of funds at Religare Finvest Limited (RFL).

A team of ED officials went to Tihar Jail and placed Singh under arrest as per the provisions of the Prevention of Money Laundering Act (PMLA).

 

He will be produced before a Saket Court on Friday.

Singh was in judicial custody in a case being probed by the economic offences wing (EOW) of the Delhi police in the matter.

Earlier on Thursday, a Delhi court rejected his bail plea observing that there was 'every likelihood of Singh fleeing from justice and hampering the trial'.

The court also said that in the present case, a huge amount of Rs 2,400 crore was disbursed in the form of loan to the entities having no financial standings.

Singh's brother and former Fortis Healthcare promoter Malvinder Singh, and ex-CMD of Religare Enterprises Ltd (REL) Sunil Godhwani have also been arrested by the economic offences watchdog in the matter.

The three were earlier arrested by the EOW in October this year over the charges of siphoning off funds.

Manpreet Singh Suri of Religare Finvest has lodged a complaint against Shivinder and others accusing them of putting the company in poor condition by way of disbursing loans to those who did not have any financial standings.

Photograph: ANI

Get Rediff News in your Inbox:
Source: ANI
SHARE THIS STORY