Fortis co-founder Shivinder Singh and three others have been arrested following a complaint by Religare Enterprises Limited. The company has accused them of diverting funds.
The economic offences wing (EOW) of Delhi police arrested on Thursday, October 10, arrested former promoter of Ranbaxy Laboratories and co-founder of Fortis Hospital Shivinder Singh along with 3 others following a complaint by Religare Enterprises Limited.
The company has accused them of diverting funds to the tune of Rs 740 crore, as per TOI reports.
The other 3 people arrested with Singh are, Kavi Arora, Anil Saxena and Religare’s former CEO and MD Sunil Godhwani.
Moreover, Shivinder has also dragged his elder brother Malvinder Singh and Godhwani to court for mismanagement of family businesses.
Earlier, in August, The Enforcement Directorate had raid the premises of former Ranbaxy promoter Malvinder and Shivinder in connecction with a money laundering case.
The Central agency officials said the raids were conducted after the case was filed under Prevention of Money Laundering Act (PMLA).
The action was taken in the backdrop of alleged charges relating to financial frauds against the Singh brothers.
#Fortis founder Shivinder Singh has been arrested in the INR740 crore #Religaire fraud. Our corporate investigations ace @sundarbandar was on to the Singh Brothers' fugazi first. Read these three stories to really understand how things came to be: https://t.co/XjIDFOjhC9— ET Prime (@ETPrime_com) October 10, 2019
Former Fortis promoter Shivinder Singh arrested in fraud case , lookout notice for brother Malvinder https://t.co/ahjBq8wa95— R Srinivasan (@srinivasanravi) October 10, 2019