The Economic offence wing of Delhi Police on Wednesday arrested former Ranbaxy Director Manjit Singh for selling an expensive property which was mortgaged.
Singh was arrested, produced before Patiala House court and remanded to judicial custody for 14 days.
Singh is accused of making a false agreement and selling a property worth Rs 254 crore in NDMC area.
He was arrested for selling a property on Prithviraj road in NDMC area.
Manjit Singh is member of Ranbaxy family. He has served as director of Ranbaxy. He owns a big plot at Prithviraj road.
Last year, Singh talked to mobile manufacturer Ashok Gupta to sell the property. Gupta is CMD of Optiemus Infracom. Gupta agreed to buy the plot. The deal was worth Rs 254 crore. Manjit showed in the agreement that there was no loan on the property.
However, as per police, the plot is not saleable. Gupta had first complained to Singh over false agreement and demanded to return his money. But, Singh refused to return the money.
Gupta then filed a police complaint over the matter.