Malvinder and Shivinder Singh, 3 others sent to Tihar till Oct 31

NEW DELHI: Malvinder and Shivinder Singh, former Ranbaxy promoters, were sent to Tihar jail on Thursday on 14-day judicial custody in connection with diversion and misappropriation of funds pegged at Rs 2,400 crore.

Religare Enterprises’ former chairman and managing director Sunil Godhwani, former chief executive Kavi Arora, and former chief financial officer Anil Saxena were also sent to judicial custody till October 31.

They have moved a bail plea which will be heard on Friday. The Economic Offences Wing (EoW) arrested them last week following a complaint by Religare Finvest Ltd.


The agency said the accused had “wilfully defaulted in repayments and caused wrongful loss to RFL to the tune of Rs 2,397 crore”. The funds were diverted to companies related to the promoter brothers, it said.

The Singhs and Godhwani have been in police remand since October 11. The EoW had on Tuesday filed a remand application to extend their custody.