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Economic Offences Wing Arrests Former Fortis Promoter Malvinder Singh for Misappropriation of Public Funds

File photo of Malvinder Singh. (Image: Reuters)

File photo of Malvinder Singh. (Image: Reuters)

EOW Additional Commissioner of Police OP Mishra said Religare Finvest Limited (RFL) has alleged that Malvinder Singh and his brother Shivinder Singh conspired with employees of Lakshmi Vilas Bank to misappropriate two fixed deposits of Rs 400 crore and Rs 350 crore.

New Delhi: A team of Economic Offences Wing (EOW) on Tuesday formally arrested former Fortis Healthcare promoter Malvinder Singh, who is already in judicial custody in another case.

In a statement, EOW Additional Commissioner of Police OP Mishra said Religare Finvest Limited (RFL) has alleged that Malvinder Singh and his brother Shivinder Singh conspired with employees of Lakshmi Vilas Bank to misappropriate two fixed deposits of Rs 400 crore and Rs 350 crore made with the bank by the complainant company.

"The investigation revealed that the alleged persons misappropriated the amount by availing loan from the bank against these FDRs in their 100%-owned company and further squaring off their personal liabilities," it said. "The alleged persons systematically siphoned off and diverted public money in a clandestine manner for their own benefit."

Earlier this month, the Enforcement Directorate had arrested both the brothers in a money laundering case related to the alleged misappropriation of funds at RFL.