Delhi Police arrests Ranbaxy ex-promoter Shivinder Singh in fraud case
New Delhi | Jagran News Desk: The Economic Offences Wing of the Delhi Police on Thursday arrested Ranbaxy's former promoter, Shivinder Singh. Shivinder has been arrested along with former CMD Sunil Godhwani and two others.
The Police arrested them on a complaint given by Religare Enterprises Limited. Religare has accused them of diverting funds and misappropriation.
Shivinder Singh's brother Malvinder Singh is also named in the case. The Enforcement Directorate had raided the two in August this year. The two are named in a Rs 740 crore fraud case by the Religare Enterprises Limited.
The Religare Enterprises Ltd (REL) subsidiary Religare Finvest (RFL), in December 2018, had lodged a criminal complaint with the Economic Offences Wing of the Delhi Police against the two brothers. The REL, in its complaint, alleged fraud and misappropriation of funds to the tune of Rs 740 crore.
The complaint was registered for various offences including cheating, criminal breach of trust, misappropriation, fraud and forgery and criminal conspiracy. However, the Singh brothers blamed Godhwani for the troubles faced by the group.
“The complaint was filed basis internal inquiries (including an independent forensic review) undertaken by the new RFL board and management,” said the REL release.
The REL was controlled by the Singh brothers until February 2018. The two were heirs to Ranbaxy Laboratories Ltd which was founded by their father. However, they sold it to Japanese firm Daiichi Sankyo and started focusing on the family-owned Fortis Healthcare. But the two resigned as directors from the board of Fortis Healthcare in February 2018.
Meanwhile, the Supreme Court in earlier year had told them that they could go to jail for disobeying orders to pay dues to Japanese firm Daiichi Sankyo. Daiichi Sankyo is trying to recover Rs 3,500 crore awarded to it by a Singapore tribunal in its case against the Singh brothers.
(With PTI inputs)
Posted By: Aalok Sensharma