Economic Offences Wing (EOW) of the Delhi Police on Thursday arrested Ranbaxy's former promoter Shivinder Singh on a complaint given by Religare Enterprises Limited. Three others have also been arrested by the cops. Other people who have been arrested are Kavi Arora, Sunil Godhwani and Anil Saxena.
Religare has accused Shivinder and his brother Malvinder Singh in a Rs 740-crore fraud case. The company accused them of diverting funds and misappropriation.
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
"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.
The arrest has been made months after Religare Finvest Limited filed a criminal complaint against the Singh brothers. Later in May, a case was filed against them. Following which the Enforcement Directorate (ED) initiated the money laundering case against them.
Former chief of Religare Enterprises Sunil Godhwani, who has been arrested by the Delhi Police, had alleged conspiracy Malvinder Singh and Shivinder Singh of hatching a conspiracy against him.
Last year, the Singh brothers had blamed him for the troubles faced by the group.
Godhwani, who is also under the lens, stepped down as the chairman and Managing Director on July 29, 2016. He then assumed charge of the CEO at Religare Enterprises and later quit.