Ranbaxy ex-promoters Malvinder, Shivinder Singh sent to four-day police custody in fraud case

Delhi court on Friday sent former promoter of Ranbaxy pharmaceuticals, Shivinder Singh, Malvinder Singh and three others to four-day police custody in a fraud case.

The other accused in the case are Sunil Godhwani, Kavi Arora and Anil Saxena

Malvinder Singh was arrested on Friday morning after a late night chase while Shivinder and others accused in the case were arrested on Thursday by the Economic Offences Wing (EOW) of Delhi Police for allegedly diverting money and investing in other companies.

After Shivinder’ arrest, a lookout notice was issued against Malvinder and he was later nabbed by Delhi police in Punjab.

In December 2018, Religare Finvest Limited (RFL) had filed a complaint with the Economic Offences Wing of the Delhi Police against Singh brothers.

Religare has accused them of diverting public funds alleging that loans were taken by Singh while managing that firm, but the money was invested in other companies.

The Singh brothers were raided by the Enforcement Directorate (ED) in August this year in connection with money laundering case.