NEW DELHI: The economic offences wing (EOW) of Delhi Police on Thursday arrested former promoter of Ranbaxy Laboratories and co-founder of Fortis Healthcare Shivinder Singh along with three others following a complaint by Religare Enterprises Limited. The company has accused them of diverting funds to the tune of Rs 740 crore.
The other three arrested people include Kavi Arora, Anil Saxena and Religare’s former CEO and managing director Sunil Godhwani.
“RFL saw a change in management. When the new management took over, they found that a loan had been taken but the money been invested in other companies linked to Singh and his brother. They filed a complaint with the EOW and subsequently, an FIR was registered,” said a senior police officer.
Apparently, Shivinder has also dragged his elder brother Malvinder Singh and Godhwani to court for “mismanagement” of family businesses.
In August this year, the Enforcement Directorate (ED) had raided + the premises linked to erstwhile Ranbaxy promoters, Malvinder and Shivinder, in connection with a money-laundering case.
The central agency officials said that the raids were conducted after the filing of a case under the Prevention of Money Laundering Act (PMLA).
The action was taken in the backdrop of alleged charges relating to financial irregularities against the Singh brothers and the subsequent downfall of their businesses.
Shivinder’s brother Malvinder is absconding and a look out circular has been issued against him.
(With PTI inputs) TimesofIndia