Home » News » Malvinder Singh, former Fortis Healthcare promoter detained in a separate case of misappropriation of funds

On 24 December, the former Fortis Healthcare promoter Malvinder Singh who was already in judicial custody at the Tihar jail was detained, in a separate case of alleged misappropriation of funds at Religare Enterprises arm Religare Finvest Limited.

In December, Religare Enterprises and its subsidiary Religare Finvest made complaints to the police, Ministry of Corporate Affairs and Securities and Exchange Board of India, alleging misappropriation of funds of the company and its units.

The Additional Commissioner of Police (Economic Offences Wing) stated that “Religare Finvest alleged Malvinder Mohan Singh and Shivinder Mohan Singh in connivance with employees of Lakshmi Vilas Bank have two misappropriated fixed deposits of ₹400 crores and ₹350 crores made with the bank by the complainant company.”

Malvinder Singh and his younger brother Shivinder Singh, promoters of financial firm Religare Enterprises and hospital operator Fortis Healthcare were previously arrested in October, along with former Religare Enterprises Ltd chairman and managing director Sunil Godhwani, for allegedly causing unfair loss worth ₹2,397 crores to Religare Finvest Ltd.

Both the Singh brothers systematically siphoned off and clandestinely diverted public money for their benefit, the police stated.

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