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Former Ranbaxy promoter Shivinder Mohan Singh arrested in Rs 700 crore fraud case

It may be recalled that Shivinder Mohan Singh and Malvinder Mohan Singh were booked by Economics Offence Wing of Delhi Police in March 2019 on charges of cheating, criminal conspiracy and breach of trust related to Religare Enterprises and its subsidiary Religare Finvest Limited (RFL).

Former Ranbaxy promoter Shivinder Mohan Singh arrested in Rs 700 crore fraud case

The Economic Offences Wing (EOW) of Delhi Police on Wednesday arrested four persons, including former promoter of Ranbaxy Shivinder Mohan Singh on charges of cheating Rs 700 crore from Religare. The complaint against Shivinder Mohan Singh, his brother Malvinder Mohan Singh and three others was filed by Religare.

It may be recalled that Shivinder Mohan Singh and Malvinder Mohan Singh were booked by Economics Offence Wing of Delhi Police in March 2019 on charges of cheating, criminal conspiracy and breach of trust related to Religare Enterprises and its subsidiary Religare Finvest Limited (RFL).

It was alleged in the complaint that that hundreds of crores were misappropriated, siphoned off and diverted through a labyrinth of financial transactions. It is to be noted that the Singh brothers are also embroiled in a case related to Japanese company Daiichi Sankyo, which had bought Ranbaxy in 2008. Daiichi Sankyo had later filed a complaint at the Singapore arbitration tribunal accusing the Singh brothers of misleading them and concealing information that Ranbaxy was facing a probe by the US Food and Drug Administration and the Department of Justice.

Daiichi Sankyo had later approached the Supreme Court seeking to recover Rs 3,500 crore awarded to it in an arbitration by a Singapore tribunal against the Ranbaxy brothers.