Shivinder Singh and his elder brother Malvinder Singh, both ex-promoters of the pharmaceutical giant Ranbaxy, were arrested yesterday late night for Rs 740 crore fraud case.
The brothers were accused by Religare Finvest of fraud and misappropriation of funds worth 740 crore Rs.”The alleged persons having absolute control on Religare Enterprises Ltd and its subsidiaries put Religare Finvest in poor financial condition by way of disbursing the loans to companies having no financial standing and controlled by the alleged persons,” the Economic Offence Wing (EOW) of Delhi Police said.
In August, the Enforcement Directorate (ED) searched their residences on charges of money laundering. The raids took place after a case was filed against the brothers under the Prevention of Money Laundering Act (PMLA).
In April, the Supreme Court threatened to jail the two former promoters of Ranbaxy, for not complying with an order to pay dues to Japanese firm Daiichi Sankyo.
Post Your Comments