Former Ranbaxy promoter Shivinder Singh arrested by Delhi police in fraud case
Shivinder Singh, former promoter of pharmaceutical giant Ranbaxy, was arrested on Thursday in a fraud case involving Rs 740k. For Shivinder Singh's older brother, Malvinder Singh, who is also quoted in the case, a lookout was attached.
The two brothers were attacked by the police in August.
Religare Finvest accused them of fraud and embezzlement with nearly RS. 740 crore.
Religare Finvest filed a complaint in December with the police against the Singh brothers. Five months later, the brothers were charged with fraud, fraud and embezzlement.
The Anti-Fraud Office has also initiated money laundering proceedings against them.
Shivinder Singh and Malvinder Singh were the heirs of billionaire Ranbaxy Laboratories, founded by their father. They sold it in 2008 to the Japanese company Daiichi Sankyo and focused on the family business Fortis Healthcare, a chain of hospitals and the financial services company Religare Enterprises.
For Malvinder Singh, who is also quoted in the case, a surveillance index was issued.
In 2013, Daiichi transferred an arbitration tribunal to Singapore because the two brothers had concealed information that the US Department of Health and the Ministry of Justice were investigating the company during the sale of Ranbaxy. In 2016, the court sentenced Singh to pay 2,562 crores from Daiichi. The brothers challenged the decision, but in 2017, the Delhi Supreme Court ordered the payment.
The brothers' quarrel began after the loss of control of Fortis Healthcare and Religare.
They retired from Fortis Healthcare's Board of Directors shortly after the decision of the High Court of Justice in February 2018. In September of the same year, Shivinder Singh filed a lawsuit against his brother in which he claimed "oppression and mismanagement "as part of their joint venture - RHC Holding, Religare - and Fortis.
The Securities and Exchange Board of India (SEBI) ordered Singh and his affiliates to pay Fortis 403 million rupees after investigations revealed that they had embezzled funds from Fortis and misrepresented them. financial reports.
Last year, the Supreme Court also rejected the call of the Singh brothers and upheld the international decision on the grounds that it did not wish to intervene.
Earlier this year, the Supreme Court told the brothers that they could go to jail for not following Daiichi Sankyo's instructions.
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