Ranbaxy’s Shivinder Singh arrested in fraud case

Shemin Joy,

Pharma giant Ranbaxy’s former promoter Shivinder Singh and three others, including former Chairman and Managing Director Sunil Godhwani, were arrested on Thursday in connection with a case of “siphoning off” funds to the tune of Rs 2,397 crore from Religare Investment when the former along with his brother was controlling.

The arrests by Delhi Police’s Economic Offences Wing came on a complaint filed by Religare Finvest Ltd (RFL), which had accused Singh and his estranger brother Malvinder along with others, in December last year and an FIR registered in March 27. The Singh brothers were promoters of Religare Enterprises Ltd (REL), which ran Ranbaxy and RFL among others, and Fortis Hospital chain before they were out of the Group.

TheLogicalNews

Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by TheLogicalNews. Publisher: Deccan Herald

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