A Delhi courtroom Monday dismissed the bail plea of previous Fortis Healthcare promoter Malvinder Singh, arrested for alleged misappropriation of resources at Religare Finvest Ltd.

Chief Metropolitan Magistrate Gurmohina Kaur turned down the bail software on the ground that Malvinder was demanded to be held in judicial custody for suitable investigation in the circumstance.

Malvinder (forty six) his brother Shivinder, also a previous Fortis Healthcare promoter previous CMD of Religare Enterprises Ltd (REL) Sunil Godhwani (58) previous CEO of REL Kavi Arora (48) and previous CFO of RFL Anil Saxena were arrested by the Financial Offences Wing (EOW) of Delhi Police for allegedly diverting RFL’s funds and investing in other companies.

The EOW registered an FIR in March final yr right after it obtained a grievance from RFL’s Manpreet Suri in opposition to Shivinder, Godhwani and other individuals, alleging that financial loans were taken by them although running the agency but the funds was invested in other companies.

“They place RFL in a weak money condition by disbursing financial loans to companies with no money standing and managed by them. The companies to which the financial loans were disbursed willfully defaulted in repayments and prompted a reduction to RFL to the tune of Rs two,397 crore,” the law enforcement had alleged.