New delhi sources stated that pharmaceutical giant Ranbaxy Laboratories' ex-promoters Shivinder Singh, his older brother Malvinder Singh and three others have been sent to four day police custody in a Rs. 740-crore fraud case. Meanwhile they have been accused of misappropriating funds of Religare Finvest Ltd.
Furthermore the other three accused are sunil Godhwani, Kavi Arora and anil Saxena and the other three accused are sunil Godhwani, Kavi Arora and Anil Saxena. Mr Godhwani was the managing director of Religare Enterprises, while Mr Arora and Mr Saxena held managerial positions. Reportedly Malvinder Singh approached the delhi High Court seeking to cancel the police case filed by the Economic Offences Wing (EOW). Meanwhile he said the First Information Report against them can only be investigated by the Serious Fraud Investigation Office (SFIO) and not by the EOW, which he claimed doesn't have the jurisdiction to probe the case.
Malvinder Singh said "I joined the investigation twice in the past. I was in ludhiana for my daughter's treatment and was arrested yesterday (Thursday) late night". Moreover the brothers, however, had diametrically opposite arguments in the court. The younger one, Shivinder Singh, who said he has renounced corporate life to work with a religious group, argued for himself and did not oppose his arrest and also offered to cooperate with the investigators.
