A Delhi court on Friday granted the police 4-day custody of former Fortis Healthcare promoters Malvinder Singh, his brother Shivinder Singh and three others, arrested for allegedly misappropriating funds of Religare Finvest Ltd (RFL) and causing it losses of Rs 2,397 crore.

The police had sought their custodial interrogation for 6 days.

Chief Metropolitan Magistrate Deepak Sherawat allowed custodial interrogation of the five people arrested by the Economic Offences Wing (EOW) of Delhi police.

Malvinder (46) was arrested on Friday morning while Shivinder (44), Sunil Godhwani (58), the former chairman and managing director of Religare Enterprises Ltd (REL), Kavi Arora (48) and Anil Saxena, who occupied important positions in REL and RFL, were arrested on Thursday by the EOW for allegedly diverting the money and investing in other companies.

RFL is a subsidiary of the REL. Shivinder and his elder brother Malvinder were earlier the promoters of REL.

The EOW registered an FIR in March after it received a complaint from Manpreet Singh Suri of the RFL against Shivinder, Godhwani and others alleging that loans were taken by them while managing the firm but the money was invested in other companies.

According to the police, the complainant stated that they had absolute control of Religare Enterprises and its subsidiaries.

'They put RFL in poor financial condition by disbursing loans to companies having no financial standing and being controlled by them. The companies to which loans were disbursed willfully defaulted in repayments and caused a loss to RFL to the tune of Rs 2,397 crore,' additional commissioner of police (EOW) O.P. Mishra alleged.