Malvinder Singh former CEO of Ranbaxy arrested
EOW made big breakthrough in Fortis-Religare scam after arresting the key accused. Earlier a look out circular was issued for the accuse who reportedly was on the run.
Malvinder Singh former CEO of Ranbaxy was arrested by EOW (economic offenses wing) in Ludhiana. The delhi police wing will bring him on transit warrant. The former CEO was on the run, due to which a look out circular was issued against him.
He was arrested soon after his brother Shivender was held in allegedly misappropriating funds in tune of 2,397 crores to Religare finvest limited (RFL), this is fifth arrest in multi-crore fraud scam. Earlier former managing director sunil Goswami and few other important position holders in RFL was arrested, they allegedly diverted funds to other firms from RFL.
According to EOW statement, both Singh brothers had absolute control over RFL and REL, they allegedly allowed to divert the funds to some unknown firms with other accomplices. The Enforcement directorate (ED) raided multiple premises of Singh brothers all over india in connection with multi-crore fraud case. Soon after the raids, Malvinder Singh was absconding to escape from investigating agencies.
