Ex-Ranbaxy Promoter 👉Malvinder Singh ⛓Arrested by ED

  |   India News

Pharmaceutical giant Ranbaxy Laboratories' ex-promoter Malvinder Singh has been arrested by the Enforcement Directorate in a money laundering case. Mr Singh, who was already in Delhi Police's custody in connection with a fraud case, has been handed over to the central agency.

The Enforcement Directorate had initiated money laundering probe against Mr Singh and his brother Shivinder -- both ex-promoters of Ranbaxy-- taking note of the Rs 740-crore fraud case filed by the Delhi Police against them last year.

Shivinder Singh and Malvinder Singh were heirs to the multi-billion dollar Ranbaxy Laboratories Ltd founded by their father. They sold it to Japanese firm Daiichi Sankyo in 2008 and focused on the family-owned Fortis Healthcare, a hospital chain, and Religare Enterprises, a financial services firm.

Religare has accused them of diverting funds, claiming that loans were taken by Shivinder while managing the firm but the money was invested in other companies.

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