The former promoters of medicine giant Ranbaxy, brothers Shivinder and Malvinder Singh along with the others were produced before the court earlier on Friday.
The investigating officer briefed the court about the case where he said that it was a clear cut diversion of public money. He informed the court that it was going on for the last 10 years.
Malvinder's counsel defended his client saying he faced the investigation whenever called and answered all the questions of the investigative agencies. He stressed saying, "HC is showing you direction that this is where the money trail stops but still they need my interrogation. Is this justified under HC rules?"
He also added that the high court had directed Radha Swami Beas to deposit the money before it. "The order is of September 27, it was reported three days ago and after this my client is being picked up", said Malvinder's counsel.
Malvinder's counsel also alleged that agencies picked his client up in front of his wife and daughter while she was being treated.
Pahwa, appearing for the Economic Offences Wing countered, "He says, in the affidavit that the proceeds of crime is with other persons and go recover it but he has not denied the crime. It's not the job of the investigating officer to recover the money."
After hearing both sides, the court sent them to four days of police remand.
The Economic Offences Wing (EOW) had arrested Shivinder, Sunil Godhwani, who is a former MD of Religare, Kavi Arora and Sunil Saxena on Thursday while Malvinder was arrested in a separate case later last night.
The arrested persons are accused of causing a loss of Rs 2,397 crores 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 the loans to the companies. The FIR also states that those companies were controlled by them, but they had no financial standing.
( With inputs from IANS )