India arrests Ranbaxy Laboratories ex-CEO Singh for $329m fraud

India’s Enforcement Directorate (ED) on Thursday arrested Malvinder Singh, former Ranbaxy Laboratories CEO and chairman, in connection with Rs 2,300 crore($329million ) Religare Finvest Ltd (RFL) funds misappropriation case.

The agency also arrested ex-CMD of Religare Enterprises, Sunil Godhwani in the RFL case.

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

Both Singh and Godhwani will be produced before a metropolitan magistrate in the prison when the ED is likely to seek their custodial interrogation.

Malvinder Singh was arrested by the Economic Offenses Wing (EOW) of the Delhi Police from Ludhiana in Punjab on October 10. Hours before his arrest, his brother and former promoter of Religare Enterprises Shivinder Singh was also held for allegedly misappropriating funds of Religare Finvest Limited (RFL) to the tune of Rs 2,397 crore($342million).--India Today