The Delhi Police on Thursday arrested former promoter of pharma giant Ranbaxy, Shivinder Singh and three others in an alleged fraud case, officials said.
Economic Offences Wing of the Delhi Police has arrested Ranbaxy's former promoter Shivinder Singh and three others arrested on a complaint given by Religare Enterprises Limited. Religare has accused them of diverting funds and misappropriation. pic.twitter.com/3rZLLOeHwk
" ANI (@ANI) October 10, 2019
Kavi Arora, Sunil Godhwani and Anil Saxena were also arrested by the Economic Offences Wing of Delhi Police for allegedly diverting public money and investing in their companies, they said.
They were arrested on a complaint given by Religare Enterprises Limited (REL). Religare has accused them of diverting funds and misappropriation. According to the media reports, Shivinder's brother Malvinder is absconding and a look out circular has been issued against him by Delhi Police.
In December last year, REL's subsidiary Religare Finvest (RFL) had filed the complaint with the EoW, alleging fraud and misappropriation of funds to the tune of Rs 740 crore and had named the Singh brothers and others. On their part, the Singh brothers had blamed Godhwani for the troubles faced by the group.
The EoW FIR had been registered for various offences including cheating, criminal breach of trust, misappropriation, fraud and forgery and criminal conspiracy. The REL was controlled by the warring Singh brothers until February, 2018. Post their exit from the board of REL in February 2018, the boards of REL and RFL have been re-constituted.
Earlier, in August this year, the Enforcement Directorate had raided multiple premises linked to erstwhile Religare promoters, brothers Malvinder Mohan Singh and Shivinder Mohan Singh, and others in connection with a money laundering case.
(With PTI inputs)