Hours after Delhi police arrested former Ranbaxy promoter Shivinder Singh, his brother Malvinder Singh was also nabbed from Punjab's Ludhiana late night on Thursday. Reportedly, the duo, former Religare CMD Sunil Godhwani and two others—namely Kavi Arora, former Religare Finvest MD, and Anil Saxena, former Religare Group CFO—are in the cutody of Delhi Police's Economic Offences Wing (EOW) and will be produced in the Saket court at 12 pm on Friday.
The police is expected to seek their judicial remand. It is also being reported that the Enforcement Directorate is also likely to file a case in the matter. Meanwhile, Malvinder has approached Delhi High Court seeking quashing of FIR registered by EOW, saying it lacks jurisdiction to register FIR.
also read
- Who is Avadhut Sathe? SEBI bans dancing 'finfluencer' from securities market in Rs 546 crore case
- Lavish Rs 1 crore Udaipur wedding was funded by Rapido driver with Rs 331 crore in account; ED traces suspicious money trail
- Devendra Fadnavis targeting Sanjay Shirsat again? Alleged Rs 4,500 crore CIDCO land scam probe strains Mahayuti alliance
- The anatomy of a scam: How fraudsters hack minds, not just computers
The brothers have been accused by Religare Finvest of fraud and misappropriation involving around Rs 740 crore that resulted in the company incurring a wrongful loss of ₹2,397 crore.
In a statement post the arrests, EoW said that Manpreet Singh Suri of Religare Finvest Ltd had levelled allegations against the Singh brothers, among others. "The alleged persons, having absolute control of Religare Enterprises Ltd and its subsidiaries, put Religare Finvest Ltd in poor financial condition by way of disbursing loans to the companies having no financial standing and controlled by the alleged persons," the Delhi Police stated after the arrests.
According to police, the complainant stated that the four had absolute control on REL and its subsidiaries. "They put RFL in poor financial condition by disbursing loans to companies having no financial standing and being controlled by them. The companies to which loans were disbursed willfully defaulted in repayments and caused a loss to RFL to the tune of Rs 2,397 crore," police had alleged.
