Religare Finvest case: Delhi Police gets 4 – day custody of Singh Brothers and Others
(Judicial Quest News Service)
Chief Metropolitan Magistrate Deepak Sherawat of Saket district court on Friday sent former Ranbaxy promoters to four days police custody.
Malvender Singh, Shivender Singh were arrested by the Delhi police’s economic Wing Offenses Wing on Thursday evening. The brothers were arrested for allegedly diverting money and causing losses to the tune of Rs 2,379 crores.
The trouble is related to the implementation of the $ 500 million arbitration award that Singh brothers were ordered to pay to Daiichi Sankyo in 2016. Besides the siblings are caught in a financial mismanagement case in entities owned by them, including FHL and religare are arrested Religare Enterprises Enterprises (REL).
Several Financial irregularities have come to light during independent audits by the Reserve Bank of India (RBI) and Securities Exchange Board of India. The market Regulator in a March order directed REL and its subsidiary to recover Rs.2, 315.09 crore that had been diverted to various entities for the ultimate benefit of its erstwhile entities.
Along with Singh brothers the Police also arrested former religare Finvest MD Kavi Arora, and former Religare group CFO Anil Saxena and former Religare MD Sunil Godhwani. The charges against arrested individuals include section 409 (Criminal breach of Trust by public servant, Banker, Merchant or Agent) and Section 420 (Cheating) of Indian Penal Code.
Senior Counsel Vikas Pahwa, representing the complainant in the case, pressed for the Police custody od f the accused .Pahwa countered Malviner’s argument by sayingthat the investigating officer’s job is not to recover money but to ascertain the commission of an offence and for this, the custodial interrogation was required.
All the accused were produced before the Chief Metropolitan Magistrate Deepak Sherawat.
