 "Shivinder Singh arrested for fraud, hunt on for brother Malvinder")
Former Fortis Healthcare Ltd promoter Shivinder Singh was arrested in Delhi on Thursday for alleged fraud, TV channels and news agency PTI reported.
Delhi Police's Economic Offences Wing also arrested three other persons and it is looking for Shivinder's older brother, Malvinder, in a Rs 740-crore fraud case filed by Religare Finvest, which is part of Religare Enterprises in which the brothers were once majority stakeholders.
The brothers were heirs to Ranbaxy Laboratories Ltd, founded by their father and once India’s largest drugmaker, but sold it to Japanese firm Daiichi Sankyo in 2008 to focus on the family-owned Fortis Healthcare, a hospital chain, and Religare Enterprises, a financial services firm. Financial troubles saw them losing ownership in both companies.
The Enforcement Directorate (ED) in August 2109 raided properties premises linked to the brothers and others in connection with a money laundering case.
PTI named the three other people arrested as Kavi Arora, Sunil Godhwani and Anil Saxena. Godhwani is the former chairman and managing director of Religare Finvest.
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