The Economic Offenses Wing of the Delhi Police today arrested former Ranbaxy promoter Shivinder Singh on complaints of financial fraud and causing losses to Religare Finvest Ltd.
Former chairman of Religare Enterprises Ltd. Sunil Godhwani and two others were also arrested.
The complaint against Singh Brothers, according to a statement put out by the police, was made by Manpreet Singh Suri of Religare Finvest who alleged that the four individuals put Religare Finvest in poor financial condition by way of disbursing loans to companies having no financial standing and controlled by them.
These companies went on to wilfully default on loans and caused a loss to Religare Finvest to the tune of Rs 2,397 crore. Malvinder Singh is also named in the complaint though he has not yet been arrested.
According to the statement, the alleged irregularities were also pointed out by the independent audits carried out by the Securities and Exchange Board of India and the Reserve Bank of India.
The arrested individuals are likely to be produced in a Delhi court where they will have the option to court arrest.
The investigation in the case is currently on. The EOW is likely to seek permission from the court to interrogate Shivinder Singh in custody.
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