ANI
11 Oct 2019, 07:07 GMT+10
Ludhiana (Punjab) [India], Oct 11 (ANI): The economic offences wing (EOW) of Delhi police have detained former Ranbaxy chief executive officer (CEO) Malvinder Singh from Punjab's Ludhiana based on the complaint given by Manpreet Singh Suri of Religare Finvest Ltd (RFL) in an alleged fraud case.
He will be arrested after he is brought to the national capital.
EOW had, on Thursday, arrested four people including Ranbaxy's former promoter Shivinder Mohan Singh based on the complaint given by Manpreet Singh Suri in the case.
The other three accused have been identified as Sunil Godhwani, Kavi Arora and Anil Saxena.
They have been booked under Section 409 (criminal breach of trust by a banker), 420 (cheating) and 120-B (criminal conspiracy) of the Indian Penal Code (IPC).
In the complaint, allegations have been levelled against Malvinder Mohan Singh, Shivinder Mohan Singh, Sunil Godhwani and others.
"The alleged persons having absolute control on Religare Enterprises Limited (REL) and its subsidiaries put Religare Finvest Limited (RFL) in poor financial condition by way of disbursing the loans to the companies having no financial standing and controlled by the alleged persons," a police release said.
Earlier in August this year, the Enforcement Directorate (ED) raided the residential premises of Malvinder and his brother Shivinder in connection with a money laundering case.
The raids were conducted after the ED registered a case under the Prevention of Money Laundering Act (PMLA) against them.
In February last year, the two brothers, who were also the promoters of Fortis Healthcare, had tendered their resignation from the company's Board of Directors. (ANI)Get a daily dose of Salt Lake City Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Salt Lake City Sun.
More InformationPALO ALTO/TEL AVIV: The battle for top AI talent has claimed another high-profile casualty—this time at Safe Superintelligence (SSI),...
FRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
REDMOND, Washington: Microsoft is the latest tech giant to announce significant job cuts, as the financial strain of building next-generation...
LONDON UK - U.S. stock markets were closed on Friday for Independence Day. Global Forex Markets Wrap Up Friday with Greeback Comeback...
SANTA CLARA, California: Nvidia came within a whisker of making financial history on July 3, briefly surpassing Apple's all-time market...
SACRAMENTO, California: California's multibillion-dollar farms are facing a growing crisis—not from drought or pests, but from a sudden...
PALO ALTO/TEL AVIV: The battle for top AI talent has claimed another high-profile casualty—this time at Safe Superintelligence (SSI),...
WASHINGTON, D.C.: The Trump administration has made public a visa decision that would usually be kept private. It did this to send...
FRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
REDMOND, Washington: Microsoft is the latest tech giant to announce significant job cuts, as the financial strain of building next-generation...
LONDON UK - U.S. stock markets were closed on Friday for Independence Day. Global Forex Markets Wrap Up Friday with Greeback Comeback...
SANTA CLARA, California: Nvidia came within a whisker of making financial history on July 3, briefly surpassing Apple's all-time market...