New Delhi, Nov 14 : The Enforcement Directorate (ED) on Thursday said that it has arrested former Relkigare Health Enterprises Ltd promoters Malvinder Singh and Sunil Godhwani in connection with its probe into a money laundering case.
The ED has registered a case on the basis of the Delhi Police's EOW case.
The official said that the duo would be produced before a metropolitan magistrate in prison, and the the ED will seek their custodial interrogation. Besides Godhwani and Malvinder Singh, the EOW has also arrested the latter's brother Shivinder, Kavi Arora and Sunil Saxena last month.
They are accused of causing a loss of Rs 2,397 crore to Religare Enterprises. The First Information Report (FIR) states that the accused who had total control of Religare put the firm in a financially weak condition by way of disposing off their loans.
The FIR also states that these companies controlled by the accused had no financial standing. The EOW has earlier 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 Sebi (Securities and Exchange Board of India) revealed that Rs 1,260 crore have been diverted to RHC Holdings Pvt Ltd...and has been further paid to square off the liabilities of the mutual funds," the EOW said in its application seeking remand of the five accused arrested, including the former promoters of medicine giant Ranbaxy and the Singh brothers.
A copy of the remand application accessed by IANS says that a report from the Reserve Bank of India 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.