STOCK MARKET BSE NSE

RFL case: Ranbaxy Laboratories arrests ex-Ranbaxy promoter Malvinder Singh

A court here was informed about the development by the agency's lawyer, Nitesh Rana, who urged it to issue a production warrant against the accused for seeking their custodial interrogation.

Published: 14th November 2019 07:16 PM  |   Last Updated: 14th November 2019 08:02 PM   |  A+A-

Former Ranbaxy promoters Malvinder Singh and Shivinder Singh

Former Ranbaxy promoters Malvinder Singh and Shivinder Singh (Photo | PTI)

By PTI

NEW DELHI: The ED on Thursday arrested former Pharmaceutical giant Ranbaxy Laboratories' promoter Malvinder Singh and former CMD of Religare Enterprises Ltd (REL) Sunil Godhwani in a money-laundering case related to alleged misappropriation of funds of Religare Finvest Ltd (RFL).

The Enforcement Directorate (ED) took both the accused in its custody inside the Tihar central jail here, where they are currently lodged in a case filed by the Delhi Police in relation to the alleged scam.

A court here was informed about the development by the agency's lawyer, Nitesh Rana, who urged it to issue a production warrant against the accused for seeking their custodial interrogation.

The court, however, directed that the accused be produced before a metropolitan magistrate in the central jail itself since trial prisoners are not being produced in the Saket District Court, either physically or through video-conference, due to the ongoing lawyers' strike.

ALSO READ: Daiichi-Ranbaxy case: Radha Soami chief claims in HC don't owe money to Singh brothers

"The court is informed that accused Malvinder Mohan Singh and Sunil Godhwani are lodged in central jail numbers 8 and 7 respectively at Tihar Jail. Accordingly, the applications filed by the ED be put up before the concerned duty MM, Tihar jail tomorrow, i.e, November 15, for disposal in accordance with law," Special Judge Sandeep Yadav said.

Both Singh and Godhwani are accused of laundering money, punishable under sections 3 and 4 of the Prevention of Money Laundering Act, the ED said.

They were in judicial custody along with Singh's brother Shivinder and two others -- Kavi Arora and Anil Saxena -- in a case filed by the Economic Offences Wing (EOW) of the Delhi Police.

RFL is a group firm of REL, which was earlier promoted by the Singh brothers.

According to the ED, both the accused, along with others, transferred an amount of approximately Rs 1,000 crore to various persons from entities linked to the corporate loan book and finally, the money was siphoned off.

The agency started its investigation in the matter on the basis of a case lodged by the Delhi Police.

Malvinder (46), Shivinder (44), Godhwani (58), Arora (48) and Saxena were arrested by the Delhi Police's EOW for allegedly diverting the money and investing in other companies.

The EOW registered an FIR in March after it received a complaint from RFL's Manpreet Suri against Shivinder, Godhwani and others, alleging that loans were taken by them while managing the firm but the money was invested in other companies.

"They put RFL in a poor financial condition by disbursing loans to companies with no financial standing and controlled by them.

The companies to which the loans were disbursed willfully defaulted in repayments and caused a loss to RFL to the tune of Rs 2,397 crore," the police had alleged.

Stay up to date on all the latest Nation news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp