Ranbaxy’s Former Promoter Shivinder Singh, Religare's Ex-CMD Sunil Godhwani Arrested In Fraud Case By Delhi Police

Former Fortis Healthcare promoter Shivinder Singh has been arrested by the Economic Offence Wing of the Delhi Police.

Religare's former Chairman & Managing Director Sunil Godhwani along with two others also have also been arrested in a cheating as well as fraud case of Rs 740 crore.

Reportedly, a lookout notice has also been issued against the Shivinder’s brother Malvinder Singh.

The estranged brothers were heirs to Ranbaxy Laboratories. The feud between the Singh brothers began after they lost control of Fortis Healthcare and Religare Enterprises Ltd.

They owe around Rs 3,500 crore to Daiichi Sankyo after a Singaporean tribunal found them guilty of luring the Japanese drug maker to purchase Ranbaxy by withholding information.

In December 2018, Religare Enterprises Ltd’s (REL) subsidiary Religare Finvest (RFL) had lodged a criminal complaint with the Economic Offences Wing of the Delhi Police against promoters Malvinder Mohan Singh and Shivinder Mohan Singh.

The complaint had also named REL’s former Chairman & Managing Director Sunil Godhwani, among other directors, for cheating, fraud as well as misappropriation of funds to the tune of Rs 740 crore.

The complaint was registered for various offences including cheating, criminal breach of trust, misappropriation, fraud and forgery and criminal conspiracy. It was filed on the basis of internal inquiries including an independent forensic review undertaken by the new RFL board and management.

It may be recalled that REL was controlled by the feuding Singh brothers until February 2018.

Earlier, the Securities and Exchange Board of India (SEBI) had ordered the Singh brothers and eight firms related to them to pay Rs 403 crore to Fortis after an inquiry found that they had fraudulently diverted funds from Fortis and misrepresented financial statements.