Former Fortis Healthcare promoter Malvinder Singh was arrested on Tuesday in another case related to alleged misappropriation of funds at Religare Finvest Ltd (RFL), the police said.
Singh is already in judicial custody in another case.
RFL alleged that Malvinder Singh and his brother Shivinder Mohan Singh in connivance with the employees of Lakshmi Vilas Bank misappropriated two FDs of Rs 400 crore and Rs 350 crore made with the Lakshmi Vilas Bank by the complainant company, the police said.
The investigation in the case, filed in September, revealed that the duo misappropriated the amount by availing loan from the bank against these FDs in RHC Holdings Pvt Ltd company they owned and further squaring off their abilities, according to the police.
Malvinder and Shivinder systematically siphoned off and diverted public money in a clandestine manner for their own benefit, they added.
A Delhi court had on Monday extended the judicial custody of Malvinder Singh and a co-accused by two weeks in a money laundering case related to alleged misappropriation of funds at RFL.
Besides Malvinder, the court remanded Sunil Godhwani, former CMD of Religare Enterprises Ltd (REL), to judicial custody till January 6 next year
Earlier, Malvinder, his brother Shivinder, and Godhwani were in judicial custody along with two others -- Kavi Arora and Anil Saxena -- in a case filed by the Economic Offences Wing (EOW) of Delhi Police.
The five were arrested by EOW for allegedly diverting the money and investing in other companies.
The EOW registered an FIR in March after it received a complaint from RFL's Manpreet Suri against Shivinder, Godhwani and others, alleging that loans were taken by them while managing the firm but the money was invested in other companies.