While Shivinder Singh was arrested earlier evening on 10 Oct along with three others, his older brother Malvinder Singh was arrested early on Friday morning from Punjab’s Ludhiana.
Pharmaceutical giant Ranbaxy’s ex-promoters Shivinder Singh was arrested along with former Religare Finvest Ltd (RFL) CMD Sunil Godhwani and former RFL CEO– Kavi Arora and former REL CFO Anil Saxena.
All of them have been accused of siphoning off the public’s money.
The police action comes after Religare Finvest filed its complaint against the Singh brothers in December.
Cops say people and companies in question willfully defaulted on repayments and caused wrongful loss to RFL to the tune of Rs 2,397 crore
“The alleged persons systematically siphoned off and diverted general public’s money in a clandestine manner for their benefit,” a Delhi Police statement says.
“They were arrested based on a complaint by Manpreet Singh Suri of Religare Finvest. The complaint is in connection with a Rs 2,397-crore loss to RFL,” said additional commissioner of police, EOW, OP Mishra.
Economic Offences Wing has said all the accused are in custody. They will be produced in the court on 11 Oct 2019.
Earlier in February, Malvinder accused his brother Shivinder f fraud and misappropriation involving around Rs. 740 crores.