A Delhi court Thursday dismissed the bail plea of former Fortis Healthcare promoter Shivinder Singh in a case related to alleged misappropriation of funds at Religare Finvest Ltd (RFL).
Additional Sessions Judge Gulshan Kumar said there was every likelihood of Mr Singh fleeing from justice and hampering the trial.
Mr Singh's brother Malvinder (46), also a former Fortis Healthcare promoter, Sunil Godhwani (58), Kavi Arora (48) and Anil Saxena were arrested by the Economic Offences Wing (EOW) of Delhi Police for allegedly diverting RFL's money and investing in other companies.
The Economic Offences Wing registered an FIR in March after it received a complaint from RFL's Manpreet Suri against Shivinder Singh, Mr Godhwani and others, alleging that loans were taken by them while managing the firm but the money was invested in other companies.
"They put RFL in a poor financial condition by disbursing loans to companies with no financial standing and controlled by them. The companies to which the loans were disbursed willfully defaulted in repayments and caused a loss to RFL to the tune of Rs 2,397 crore," the police had alleged.