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Singh brothers sent to Tihar Jail

Our Bureau New Delhi | Updated on October 17, 2019 Published on October 17, 2019

A file photo of Malvinder Singh (right) and Shivinder Singh.   -  BusinessLine

Religare Finvest has alleged that the brothers have bungled over ₹47,000 crore through extending loans, investments and parking debts in at least 115 entities.

 

Former Fortis promoters Malvinder Singh and Shivinder Singh will spend at least a night in Tihar Jail on Thursday along with other co-accused Kavi Arora and Anil Saxena. The Saket district court has ordered sending Singh brothers to judicial custody in Tihar Jail for the next 14 days.

Read also: How Singh brothers led to Religare’s doom?

Even though they have moved an application for bail challenging the judicial custody, it will only be heard on October 18 by the Chief Metropolitan Magistrate (CMM). The CMM did not hear the plea on Thursday, and Metropolitan Magistrate Nitish Garg sent the brothers to judicial custody. The Economic Offences Wing (EOW) officials, who were questioning the brothers since last Friday, on the basis of a first information report filed by Religare Finvest Limited (RFL), did not press for extending the police custody any further. RFL has alleged that the brothers have bungled over ₹47,000 crore through extending loans, investments and parking debts in at least 115 entities.

The co-accused NK Ghoshal, who was Singh brothers' stock-broker and named in the FIR, was not arrested apparently, as he had cooperated with EOW when he was called in for questioning.

Published on October 17, 2019
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