Rs 740-cr fraud: Ranbaxy ex-promoters Malvinder, Shivinder Singh arrested

The misappropriation came to light after an independent forensic audit was conducted by the new board

In an unprecedented development, two industrialist brothers Malvinder and Shivinder Singh, former promoters of the 

erstwhile pharma giant Ranbaxy and till recently counted among the richest businessmen of the country, were arrested on Thursday for alleged fraud. 

While the Economic Offence Wing (EOW) of the Delhi Police arrested Shivinder Mohan  Singh early in the day in a case of fraud and misappropriation of funds to the tune of Rs 740 crore linked to Religare Finvest, his elder brother Malvinder Mohan Singh was also taken into custody hours later. Both were former promoters of Religare, Fortis Healthcare and Ranbaxy. 

The police were