Ex-Ranbaxy Promoters Malvinder & Shivinder Singh Sent to 4 days Police Custody by a Delhi Court in alleged Fraud case of 740 Crores

Team SoOLEGAL 11 Oct 2019 5:55pm

Image courtesy: Ex-Ranbaxy Promoters Malvinder & Shivinder Singh Sent to 4 days Police Custody by a Delhi Court in alleged Fraud case of 740 Crores

Former promoters of Ranbaxy Healthcare Malvinder Singh and Shivinder Singh along with other three co-accused persons have been sent to 4 days police custody by a Delhi Sessions Court, today, on Friday in the alleged case of misappropriation of funds amounting to Rs. 740 Crores.

The present case was lodged by the Economic Offences Wing (EOW) of the Delhi Police in December 2018 upon receiving a complaint by the Religare Finvest Limited which was controlled by Religare Enterprises at that time. The Singh brothers were then charged with offenses of cheating, fraud, and misappropriation of funds.

The EOW had arrested Shivinder Singh on Thursday and Malvinder Singh was also arrested late night from Punjab. Sunil Godhwani, former Religare CMD along with other co-accused persons Kavi Arora and Anil Saxena were arrested by Delhi Police.

All of the above-mentioned persons were produced today before the court of Sh. Deepak Sehrawat, Ld. Chief MM at the Saket District Courts Complex, New Delhi, who granted 4 days custody of accused persons to the EOW.

The complainant, Religare Finvest Ltd. Was represented by Senior Advocate Vikas Pahwa while accused Malvinder Singh was represented by Senior Advocate Abhishek Manu Singhvi.

A.M. Singhvi argued that the companies act clearly bars the investigation under the present law by any other agency other than the SFIO (Serious Fraud Investigation Office) and hence, EOW was not competent to investigate the present case. He pressed upon the court to not to grant custody to EOW since if the investigation has already begun then it should be transferred to the SFIO.

On the contrary, Pahwa rebutted by saying that for a fraud like this involving multiple companies and hundreds of crores, custodial interrogation was required. SFIO probe is concerned only with the Companies act and the EOW was investigating the charges under the Indian Penal Code.

The Singh brothers are also liable to pay an amount of Rs. 2,562 crores to a Japanese Company Daiichi Sankyo, to whom they had sold their company Ranbaxy Laboratories Ltd which was founded by their father. The brothers also lost control of their other family-run businesses of Fortis Healthcare and Religare Enterprises.

Tagged: Fraud Case   Ranbaxy   Fortis   Religare   Singh Brothers   SFIO   EOW  
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