Enforcement Directorate Arrests Former Religare Promoters Malvinder Singh, Sunil Godhwani For Money Laundering
[ By Bobby Anthony ]The Enforcement Directorate (ED) has stated that that it has arrested former Religare Health Enterprises Ltd promoters Malvinder Singh and Sunil Godhwani in connection with its probe into a money laundering case.An ED spokesperson said that Singh and Godhwani, who were arrested by the Economic Offences Wing (EOW) of the Delhi Police and were in judicial custody at the...
The Enforcement Directorate (ED) has stated that that it has arrested former Religare Health Enterprises Ltd promoters Malvinder Singh and Sunil Godhwani in connection with its probe into a money laundering case.
An ED spokesperson said that Singh and Godhwani, who were arrested by the Economic Offences Wing (EOW) of the Delhi Police and were in judicial custody at the Tihar jail.
The ED has registered a case on the basis of the Delhi Police's EOW case.
The official said that the duo will be produced before a metropolitan magistrate in prison soon, and the ED will seek their custodial interrogation.
Besides Godhwani and Malvinder Singh, the EOW had also arrested the latter's brother Shivinder, Kavi Arora and Sunil Saxena recently. They stand accused of causing a loss of Rs 2,397 crore to Religare Enterprises.
The First Information Report (FIR) has stated that the accused had total control of Religare and put the firm in a financially weak condition by way of disposing off their loans.
The FIR has also stated that these companies controlled by the accused had no financial standing.
Earlier, the Delhi police EOW had informed the court that Malvinder's firm RHC Holdings Pvt Ltd diverted Rs 1,260 crore in order to square off liabilities.
“The forensic audit conducted by Securities and Exchange Board of India (SEBI) revealed that Rs 1,260 crore was diverted to RHC Holdings Pvt Ltd... And has been further paid to square off the liabilities of the mutual funds,” the Delhi police EOW stated.
The Delhi police EOW application has sought the remand of the five accused arrested, including the former promoters of medicine giant Ranbaxy and the Singh brothers.
The remand application stated that a report from the Reserve Bank of India (RBI) submitted by the complainant company mentions that the shareholding patterns of top borrowers under the Corporate Loan Book (CLB) portfolio shows that they were related entities.