EOW arrests Ranbaxy and Fortis ex-promoter Shivinder Singh

EOW arrests Ranbaxy and Fortis ex-promoter Shivinder Singh

Agency News

The Economic Offences Wing (EOW) of Delhi Police on Thursday arrested former promoter of Ranbaxy Laboratories and co-founder of Fortis Healthcare Shivinder Singh along with three others in an Rs.740 Crore fraud.

The action was based on a complaint filed by Religare Enterprises Limited. Religare has accused Shivinder Singh, his brother Malvinder Singh and the others of diverting funds and misappropriation amounting to Rs 740 crore. The other three arrested along with Shivinder Singh include Kavi Arora, Anil Saxena and Religare's former CEO and managing director Sunil Godhwani.

The allegations were raised first when Shivinder Singh and Malvinder Singh had been running Religare. The Singh brothers are also linked to Fortis Hospitals. Later, when both Religare and Fortis ran into a mountain of debt, brothers grew apart and began to fight each other.

In August 2019, the Enforcement Directorate (ED) had raided the premises linked to erstwhile Ranbaxy promoters, Malvinder and Shivinder, in connection with a money-laundering case. The central agency said that the raids were conducted after the filing of a case under the Prevention of Money Laundering Act (PMLA).

Meanwhile, Shivinder has also dragged his elder brother Malvinder Singh and Godhwani to court for mismanagement of family businesses.