Former promoter of Ranbaxy pharmaceuticals Shivinder Singh was arrested on Thursday by Delhi Police’s Economic Offences Wing (EOW).
In December 2018, Religare Enterprises Ltd (REL) subsidiary Religare Finvest (RFL) had lodged a criminal complaint with the Economic Offences Wing of the Delhi Police against promoters Malvinder Mohan Singh and Shivinder Mohan Singh.
The complaint also named REL ex-CMD Sunil Godhwani, among other directors, for cheating, fraud and misappropriation of funds to the tune of ₹ 740 crore.
The complaint was registered for various offences including cheating, criminal breach of trust, misappropriation, fraud and forgery and criminal conspiracy.
‘The complaint was filed basis internal inquiries (including an independent forensic review) undertaken by the new RFL board and management,’ REL release said.
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 had been re-constituted.
According to an REL regulatory filing, the newly-formed RFL Board and management discovered siphoning and misappropriation of funds of RFL amounting to approx ₹ 740 crores in aggregate through loans to entities that are controlled by, connected to or known to the promoters or their associates.