Economic Offences Wing (EOW) of the Delhi Police on Thursday arrested four people including Ranbaxy's former promoter Shivinder Mohan Singh based on the complaint given by Manpreet Singh Suri of Religare Finvest Ltd (RFL) in alleged fraud case.
Along with Shivinder, the other three accused identified as Sunil Godhwani, Kavi Arora and Anil Saxena 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, the 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.
"These companies willfully defaulted in repayments and caused wrongful loss to RFL to the tune of Rs 2397 crores. This was also pointed out and flagged during their independent audited by RBI and SEBI," it said.
According to the police, accused Shivinder Mohan Singh was the promoter of Religare Enterprises Ltd. which is the listed company having 85 per cent share holding of RFL, while accused Sunil Godhwani, remained Chairman/Managing Director of the Religare Enterprises Limited during the relevant period.
Kavi Arora and Anil Saxena also occupied important managerial positions in REL and RFL during the same time, police said.
Earlier in August this year, the Enforcement Directorate (ED) raided the residential premises of former Ranbaxy CEO Malvinder Mohan Singh and his brother Shivinder Singh 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.
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