They have been accused of misappropriating funds of Religare Finvest Ltd.
New Delhi: Pharmaceutical giant Ranbaxy Laboratories’ ex-promoters Shivinder Singh, his older brother Malvinder Singh and three others have been sent to four-day police custody in a Rs. 740-crore fraud case. They have been accused of misappropriating funds of Religare Finvest Ltd.
The other three accused are Sunil Godhwani, Kavi Arora and Anil Saxena. The other three accused are Sunil Godhwani, Kavi Arora and Anil Saxena. Mr Godhwani was the managing director of Religare Enterprises, while Mr Arora and Mr Saxena held managerial positions.
Malvinder Singh approached the Delhi High Court seeking to cancel the police case filed by the Economic Offences Wing (EOW). He said the First Information Report against them can only be investigated by the Serious Fraud Investigation Office (SFIO) and not by the EOW, which he claimed doesn’t have the jurisdiction to probe the case. “I joined the investigation twice in the past. I was in Ludhiana for my daughter’s treatment and was arrested yesterday (Thursday) late night,” Malvinder Singh said.
The brothers, however, had diametrically opposite arguments in the court. The younger one, Shivinder Singh, who said he has renounced corporate life to work with a religious group, argued for himself and did not oppose his arrest. He also offered to cooperate with the investigators.