According to sources, Shivinder was arrested on Thursday evening while Malvinder was arrested late at night, after a lookout notice was issued against him.
The brothers have been accused by Religare Finvest of fraud and misappropriation involving around Rs 740 crore.
Religare's former CMD Sunil Godhwani, along with two others, has also been arrested, sources said.
In December last year, Religare Finvest had filed complaint against Malvinder Singh and Shivinder Singh. In May, both were charged with cheating, fraud and misappropriation of funds.
"The alleged persons having absolute control on Religare Enterprises Limited (REL) and its subsidiaries put Religare Finvest Limited (RFL) in poor financial condition by way of distributing the loans to the companies having no financial standing and controlled by the alleged persons," the Economic Offence Wing of Delhi Police said in a statement.
Earlier, in August this year, the Enforcement Directorate (ED) had also raided multiple locations related to Singh brothers.
ED has also initiated a money laundering case against them.